REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
METRO SECURITY (GB) PLC |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
METRO SECURITY (GB) PLC |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
METRO SECURITY (GB) PLC |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
12 Conqueror Court |
Sittingbourne |
Kent |
ME10 5BH |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The company's year end performance figures are in line with the directors' expectations. Turnover increased from £4.7m to £5.1m and gross profit margins increased from 36.4% to 40%. This was achieved by focusing on costs to improve efficiency as well incentivsing staff for improved customer care. |
The after effects of Covid-19 continues to be felt and it is exacerbated by the ongoing conflict between Russia and Ukraine. It means energy costs and general high cost of living meant clients were looking for areas to scale down to save costs where possible. Fortunately, our investment in research and development has helped us to focus on customer needs to develop innovative products which are both efficient and cost effective. |
We continue to listen to our clients to find out areas of our services upon which we can improve. |
Our focus on customer service means that we continue to invest in our staff by providing continuing professional education to meet best practice and overall development.. |
The company's liquidity and solvency ratios are consistent and on an upward trend and it indicates that our ability to meet both short- and long-term obligations is good. Focusing on customer service, research and development and growth are the main objectives. To this end we acquired Argus Fire and Security Ltd which we believe will add synergy and expand our market share. |
The global headwinds from supply chain issues and the uncertain geopolitical situation about energy security continue to make the economic situation challenging to manage and plan for. |
The directors, however, believe that the company is well positioned to meet these challenges to fulfil its strategic objectives. |
SECTION 172(1) STATEMENT |
The Directors of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: |
a) the likely consequences of any decision in the long term, |
b) the interests of the company's employees, |
c) the need to foster the company's business relationships with suppliers, customers and others, |
d) the impact of the company's operations on the community and the environment, |
e) the desirability of the company maintaining a reputation for high standards of business conduct, and |
f) the need to act fairly as between members of the company. |
ON BEHALF OF THE BOARD: |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of security systems and services. |
DIVIDENDS |
During the year the company paid interim dividends. Ordinary B shares £55,850, Ordinary and Ordinary D shares £6,000. No final dividend is proposed. |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 April 2023 to the date of this report. |
The beneficial interests of the directors holding office at 31 March 2024 in the shares of the company, according to the register of directors' interests, were as follows: |
1.4.23 |
or date of |
appointment |
31.3.24 | if later |
Ordinary shares of £1 each |
50,000 | 50,000 |
- | - |
C Ordinary shares of £1 each |
1 | 1 |
- | - |
These directors did not hold any beneficial interests in the following: |
A Ordinary shares of £0.10 each |
B Ordinary shares of £1 each |
D Ordinary shares of £1 each |
These directors did not hold any non-beneficial interests in any of the shares of the company. |
SUPPLIERS |
The company does not follow any code or standard on payment practice. The principal suppliers have agreed terms for payment. For others, the company settles the terms of payment when agreeing the terms for each transaction and advises suppliers of the arrangements. The company abides by the terms agreed. |
The number of creditors' days outstanding at 31st March 2024 was 43 (2023: 49). |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
Xenaidin Audit Limited are deemed re-appointed under section 487(2) of the Companies Act 2006. |
Xenaidin Audit Limited, The Auditors will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
METRO SECURITY (GB) PLC |
Opinion |
We have audited the financial statements of Metro Security (GB) Plc (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
METRO SECURITY (GB) PLC |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of an audit in accordance with ISAs (UK), exercise professional judgement and maintain professional |
scepticism through the audit. We also: |
1. Assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud |
may occur. |
2. Held discussions with the client regarding their policies and procedures on compliance with laws and |
regulations. |
3. Held discussions with the client regarding their policies and procedures on fraud risks, including knowledge of |
any actual suspected or alleged fraud. |
We consider the entity's controls effective in identifying fraud. We do not consider there to be significant difficulty |
in detecting irregularities. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
METRO SECURITY (GB) PLC |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
12 Conqueror Court |
Sittingbourne |
Kent |
ME10 5BH |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
583,095 | 395,250 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
640,359 | 446,531 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 | 50,647 | 50,647 |
Capital redemption reserve | 23 | 22 | 22 |
Retained earnings | 23 | 2,818,402 | 2,417,398 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 | 50,647 | 2,258,936 | 22 | 2,309,605 |
Changes in equity |
Dividends | - | (168,077 | ) | - | (168,077 | ) |
Total comprehensive income | - | 326,539 | 326,539 |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | (61,850 | ) | - | (61,850 | ) |
Total comprehensive income | - | 462,854 | 462,854 |
Balance at 31 March 2024 |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Finance costs paid | - | 13,211 |
Reclassification of asset of motor asset |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (35,000 | ) | (1,609,448 | ) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Capital repayments in year | ( |
) |
Other creditors | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,759,252 |
Cash and cash equivalents at end of year | 2 | 897,334 | 781,311 |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 20,243 | 16,202 |
Finance income | - | (22 | ) |
692,543 | 469,846 |
Decrease in stocks |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 897,334 | 781,311 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 781,311 | 1,759,252 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 781,311 | 116,023 | 897,334 |
781,311 | 897,334 |
Debt |
Finance leases | (19,321 | ) | (43,631 | ) | (62,952 | ) |
Debts falling due within 1 year | (35,675 | ) | (2,682 | ) | (38,357 | ) |
Debts falling due after 1 year | (184,829 | ) | 38,194 | (146,635 | ) |
(239,825 | ) | (8,119 | ) | (247,944 | ) |
Total | 541,486 | 107,904 | 649,390 |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Metro Security (GB) Plc is a public company limited by shares, which is incorporated in England and Wales. The company's registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services excluding value added tax. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value. |
The company operates a slow moving stock provision policy where stock is provided for as follows: |
0% First year |
25% Second Year |
50% Third Year |
100% Fourth Year |
This is mainly due to our investment in technological products which have a much shorter shelf life, as technology moves so fast. There are constant upgrades in this field. Metro designs and develops bespoke security solutions so we may well buy various stock items (especially new technology that has just come on the market) in order to incorporate these into new innovative designs. Sometimes we find these may not integrate for whatever reason and therefore are no longer useful for the purpose we have originally bought them for. |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
Investments in non-derivative instruments that are equity to the issuer are measured: |
o at fair value with changes recognised in the Statement of Comprehensive Income if the shares are |
publicly traded or their fair value can otherwise be measured reliably; |
o at cost less impairment for all other investments. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. |
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. |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
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. |
Foreign currencies |
Foreign currency transactions are translated into the company's functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Segmental reporting |
The director regards the company's activity as being wholly in the provision of security systems and services related thereto and therefore such reporting is not considered to be appropriate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Europe |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Rents received |
Sundry receipts | 6,005 | - |
57,264 | 51,259 |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Selling and service | 29 | 26 |
Administration | 10 | 12 |
2024 | 2023 |
£ | £ |
Director's emoluments | 166,523 | 61,251 |
Company contributions to defined contribution pension schemes | 99,303 | 535 |
265,826 | 61,786 |
There were 2 directors in the company's defined contribution pension scheme (2023-1). |
Emoluments of the highest paid director were £88,790. Company pension contributions of £98,070 were made to a pension scheme on their behalf. Comparatives are not presented as total directors' remuneration was under £200,000 in the prior year. |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Foreign exchange differences |
Operating lease rentals - land and building |
Operating lease rentals - motor vehicles |
Pension costs |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | AUDITORS' REMUNERATION AND THEIR ASSOCIATES |
2024 | 2023 |
£ | £ |
Auditors' remuneration | 13,500 | 12,500 |
Accountancy and tax services | 10,225 | 9,194 |
Other | 1,480 |
25,205 | 21,694 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Hire purchase |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Under / (over) | provision | - | 28,875 |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Expenses not deductible for tax purposes | 3,814 | 1,018 |
period in excess of |
Prior year- over/under provision | 13,585 | 9,046 |
Total tax charge | 157,262 | 103,790 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
B Ordinary share of £1 |
Interim |
C Ordinary share of £1 |
Interim |
D Ordinary share of £1 |
Final |
11. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
14. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods and goods for |
resale |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors-Metrohomes | 714,068 | 714,068 |
Prepayments and accrued income |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 18) |
Hire purchase contracts (see note 19) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 83,624 | 104,173 |
Other creditors |
Accruals and deferred income |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 18) |
Hire purchase contracts (see note 19) |
Other creditors |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
19. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations payable |
Within one year | 32,331 | 19,321 |
Between one and five years | 30,621 | - |
62,952 | 19,321 |
At 31 March 2024 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows. |
2024 | 2023 |
£ | £ |
No later than 1 year | 75,971 | 44,528 |
Later than 1 year and not later than 5 years | 82,433 | 27,278 |
More than 5 years | - | 20,91 |
158,404 | 73,897 |
The following lease payments have been recognised as an expense in the Statement of financial activities: |
2024 | 2023 |
£ | £ |
Operating lease rental | 83,094 | 61,653 |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans | 183,992 | 220,504 |
Hire purchase contracts | 62,952 | 19,321 |
The hire purchase contracts are secured on the assets under lease agreements. |
Bank loans are secured by a fixed and floating charge over the assets of the company. The final repayment of loan is due in March 2028. |
21. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 38,609 | 23,443 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Movements | 15,166 |
Balance at 31 March 2024 |
The deferred tax provision represents the charge on the accelerated capital allowances and is expected to unwind over the remaining useful economic lives of the fixed assets to which it relates. |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
A Ordinary | £0.10 | 644 | 644 |
B Ordinary | £1 | 1 | 1 |
C Ordinary | £1 | 1 | 1 |
D Ordinary | £1 | 1 | 1 |
50,647 | 50,647 |
METRO SECURITY (GB) PLC (REGISTERED NUMBER: 02661496) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
23. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 2,417,398 | 22 | 2,417,420 |
Profit for the year |
Dividends | (61,850 | ) | (61,850 | ) |
At 31 March 2024 | 2,818,402 | 2,818,424 |
24. | RELATED PARTY DISCLOSURES |
Mrs S Wallace, the director, is a beneficiary of the company pension scheme which rented premises to the company in the year at a rent of £89,500 (2023: £89,500) |
The director has an interest in Metrohomes and Property Limited which was loaned £714,068 at the balance sheet date (2023: £714,068) on an unsecured basis and it is payable less than one year after the balance sheet date |
The director has an interest in Adder Digital Ltd, a company which rented premises from this company and which provided goods and services to this company. The transactions were at arms length. |
The charges rendered to Adder Digital Technology Ltd in the year were £56,988 (2023: £56,347) and the amount due at 31 March 2024 was £Nil (2022: £23,174). |
The charges made by Adder Digital Technology Ltd in the year were £327,680 (2023: £207,202) and the amount owed at 31 March 2024 was £9,669 (2023: £26,668). |
The director, Mrs S Wallace and her father-in-law were paid £55,850 and £6,000 respectively in dividends during the year. |
During the year close family members of a director received a total remuneration of £131,976. The remuneration was determined based on standard company policy and is consistent with the compensation provided to other employees in similar roles. The remuneration packages were established on an arm's length basis and are in line with the company's remuneration policies |
25. | ULTIMATE CONTROLLING PARTY |
The company was controlled by Stephanie Wallace. |