Company registration number 11894137 (England and Wales)
METRO INN APARTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
METRO INN APARTMENTS LTD
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 6
METRO INN APARTMENTS LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF METRO INN APARTMENTS LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Metro Inn Apartments Ltd for the year ended 31 March 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Metro Inn Apartments Ltd, as a body, in accordance with the terms of our engagement letter dated 27 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Metro Inn Apartments Ltd and state those matters that we have agreed to state to the board of directors of Metro Inn Apartments Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metro Inn Apartments Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Metro Inn Apartments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Metro Inn Apartments Ltd. You consider that Metro Inn Apartments 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 financial statements of Metro Inn Apartments 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 financial statements.
Jerroms GCN Limited
19 September 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
METRO INN APARTMENTS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,524,574
1,252,260
Current assets
Debtors
4
78,051
Cash at bank and in hand
455
609
455
78,660
Creditors: amounts falling due within one year
5
(245,229)
(28,385)
Net current (liabilities)/assets
(244,774)
50,275
Total assets less current liabilities
1,279,800
1,302,535
Creditors: amounts falling due after more than one year
6
(1,282,426)
(1,312,889)
Net liabilities
(2,626)
(10,354)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(2,627)
(10,355)
Total equity
(2,626)
(10,354)
METRO INN APARTMENTS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 19 September 2024
S Singh
Director
Company registration number 11894137 (England and Wales)
METRO INN APARTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Metro Inn Apartments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Station Hotel, Castle Hill, Dudley, West Midlands, DY1 4RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
0%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
METRO INN APARTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Freehold property
£
Cost
At 1 April 2023
1,252,260
Additions
325,500
Disposals
(53,186)
At 31 March 2024
1,524,574
Depreciation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
1,524,574
At 31 March 2023
1,252,260
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by undertakings in which the company has a participating interest
78,051
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7
34,636
19,296
Other creditors
208,993
7,489
Accruals and deferred income
1,600
1,600
245,229
28,385
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
7
1,282,426
1,312,889
METRO INN APARTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Secured Debts
2024
2023
£
£
Bank loans
1,317,062
1,332,185
Payable within one year
34,636
19,296
Payable after one year
1,282,426
1,312,889
The bank loans are secured by Together Commercial Finance Limited by way of a fixed charge over various property and undertakings of the company, dated 11th June 2019 and 30th August 2019.
In addition the bank loans are secured by Lloyds Bank Plc by way of a fixed and floating charge over property and undertaking of the company, dated 8th January 2020, and 5th June 2020.
In addition the bank loans are secured by Shawbrook Bank Limited by way of various fixed charges over various property and undertakings of the company, dated 29th June 2020,
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1