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Registered number: 0433430704334307









METROSPA LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
METROSPA LIMITED
REGISTERED NUMBER: 04334307

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
3,017,200
3,316,629

Cash at bank and in hand
 5 
181
22,193

  
3,017,381
3,338,822

Creditors: amounts falling due within one year
 6 
(348,124)
(646,289)

Net current assets
  
 
 
2,669,257
 
 
2,692,533

Total assets less current liabilities
  
2,669,257
2,692,533

  

Net assets
  
2,669,257
2,692,533


Capital and reserves
  

Called up share capital 
  
5
5

Profit and loss account
  
2,669,252
2,692,528

  
2,669,257
2,692,533


Page 1

 
METROSPA LIMITED
REGISTERED NUMBER: 04334307
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 August 2024.




L Cunningham
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
METROSPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Metrospa Limited is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 4th Floor Khiara House, 25/26 Poland Street, London, W1F 8QN.
The financial statements are presented in Sterling, which is the functional currency of the Company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on its parent company for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements. 
As at 31 December 2023, the company had net assets. The shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors considers it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders.

Page 3

 
METROSPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
METROSPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
3,017,200
3,316,629

3,017,200
3,316,629



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
181
22,193

181
22,193


Page 5

 
METROSPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
291,002

Amounts owed to group undertakings
348,121
355,284

Other creditors
3
3

348,124
646,289



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5 (2022 - 5) Ordinary shares of £1.00 each
5
5



8.


Related party transactions

The company has taken advantage of the exemption available in FRS 102 Section 33: Related Party Transactions, whereby it is not required to disclose transactions entered into with wholly owned group undertakings.
At the year end, the following balances were due from/(due to) the following related companies which are not wholly owned group undertakings:


Amounts due to 2023
Amounts due to 2022
£
£

April Property Holdings
(2,261)
(2,308)
Canton Casey Limited
(94,779)
(96,729)
November Property Holdings
(225,010)
(229,639)
(322,050)
(328,676)


9.


Controlling party

At 31 December 2023, the ultimate parent company was Belleville Limited, a company registered in the Isle of Man. The immediate parent company is May Property Holdings Limited, a company registered in Ireland.

Page 6

 
METROSPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 August 2024 by Leigh Genis (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 7