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Registration number: 06859796

Metro Driving Ranges Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Metro Driving Ranges Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Metro Driving Ranges Limited

Company Information

Directors

D S Mehta

C A Patel

B B Van Rooyen

F I Daly

Company secretary

V D Mehta

Registered office

Belfry House
Champions Way
Hendon
London
NW4 1PX

Accountants


KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Metro Driving Ranges Limited
for the Year Ended 30 April 2024

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 Driving Ranges Limited for the year ended 30 April 2024 which comprise the statement of comprehensive income, balance sheet, statement of changes in equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Metro Driving Ranges Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Metro Driving Ranges Limited. You consider that Metro Driving Ranges Limited 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 Driving Ranges Limited. 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 accounts.

Use of our report

This report is made solely to the board of directors of Metro Driving Ranges Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Metro Driving Ranges Limited and state those matters that we have agreed to state to the board of directors of Metro Driving Ranges Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metro Driving Ranges Limited and its board of directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

17 October 2024

 

Metro Driving Ranges Limited

(Registration number: 06859796)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

286,492

298,477

Investment in subsidiary

6

-

-

 

286,492

298,477

Current assets

 

Debtors

7

76,085

61,993

Cash at bank and in hand

 

398,710

266,913

 

474,795

328,906

Creditors: Amounts falling due within one year

8

(399,244)

(269,247)

Net current assets

 

75,551

59,659

Total assets less current liabilities

 

362,043

358,136

Creditors: Amounts falling due after more than one year

8

(74,409)

(216,881)

Provisions for liabilities

9

(21,670)

(27,130)

Net assets

 

265,964

114,125

Capital and reserves

 

Called up share capital

10

2,000

2,000

Share premium reserve

-

1,999,000

Retained earnings

263,964

(1,886,875)

Shareholders' funds

 

265,964

114,125

For the financial year ended 30 April 2024 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Metro Driving Ranges Limited

(Registration number: 06859796)
Balance Sheet as at 30 April 2024

Approved and authorised for issue by the Board on 17 October 2024 and signed on its behalf by:

.........................................

D S Mehta

Director

 

Metro Driving Ranges Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital incorporated in England. The registered office address is as shown on page 1.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Exemption from preparing group accounts

The company is the parent of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act and has not prepared group accounts. These financial statements therefore present information about the company as an individual undertaking and not about the group.

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements the directors have had to make the following significant judgement:

- Determine whether there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments and the extent to which distributions received from the investments are linked to a reduction in the scale of operations and balance sheet value of the relevant underlying business.

There were no other significant judgements or areas of critical estimation uncertainty.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Turnover

Turnover represents fees charged, net of value added tax, for providing golf facilities and services and revenue earned from sale of goods and from the rendering of services to customers.

Tax

The tax expense for the year comprises current and deferred tax, as applicable. Tax is recognised in profit or loss, except that a charge attributable to an item of income or 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.

 

Metro Driving Ranges Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all significant timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Goodwill

Purchased goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis evenly over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, on a straight line basis over their useful life as follows:

Asset

Asset life

Goodwill on purchase of business

5 years

Business name

5 years

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible assets so as to write off the cost of assets on a straight line basis evenly over their expected useful economic lives as follows:

Asset

Asset life

Long leasehold land and buildings

55 - 62 years

Machinery, equipment, fixtures and fittings

4-5 years

Motor vehicle

5 years

Investment in subsidiary

Investment in subsidiary undertaking is measured in the company's balance sheet at cost less any accumulated impairment.

An entity is treated as a subsidiary where the company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities.

 

Metro Driving Ranges Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Income from subsidiary

Income from subsidiary is recognised when the amounts have been received or otherwise there is certainty as to the receipt of the income receivable at the relevant balance sheet date.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank and in hand, trade and other debtors, trade and other creditors are measured initially at transaction price, and subsequently amortised cost using the effective interest method.

Cash at bank and in hand

This comprises cash at bank and deposits repayable on demand.

Trade debtors

Trade debtors are amounts due from customers for facilities, goods and services provided in the ordinary course of business.

A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Operating leases

Rentals payable under operating leases are charged to the profit or loss on a straight line basis over the lease term.

Dividends

Final dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

Pension costs

Contribution to the company's defined contribution pension scheme are charged to the profit or loss in the year.

3

Employee information

Including directors and company secretary, the company had 13 employees in the year (2023 - 5).

 

Metro Driving Ranges Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Business name
 £

Total
£

Cost

At 1 May 2023

840,000

10,000

850,000

At 30 April 2024

840,000

10,000

850,000

Amortisation

At 1 May 2023

840,000

10,000

850,000

At 30 April 2024

840,000

10,000

850,000

Carrying amount

At 30 April 2024

-

-

-

At 30 April 2023

-

-

-

5

Tangible assets

Long leasehold land and buildings
£

Machinery, equipment, fixtures and fittings
 £

Motor vehicle
 
£

Total
£

Cost

At 1 May 2023

233,201

771,789

-

1,004,990

Additions in the year

-

23,514

15,185

38,699

Disposals in the year

-

(75,995)

-

(75,995)

At 30 April 2024

233,201

719,308

15,185

967,694

Depreciation

At 1 May 2023

45,973

660,540

-

706,513

Charge for the year

3,932

41,324

2,278

47,534

Eliminated on disposal

-

(72,845)

-

(72,845)

At 30 April 2024

49,905

629,019

2,278

681,202

Carrying amount

At 30 April 2024

183,296

90,289

12,907

286,492

At 30 April 2023

187,228

111,249

-

298,477

After the balance sheet date the company contracted to purchase £163,117 worth of fixtures and fittings.

 

Metro Driving Ranges Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investment in subsidiary

2024
£

2023
£

Investment in subsidiary

-

-

-

-

On 30 April 2023, the subsidiary's trade, assets and some liabilities were transferred, as a going concern, to the company and the subsidiary ceased trading. Therefore the cost of investment in the subsidiary was fully impaired on that date. The subsidiary will be dissolved by voluntary strike-off on 22 October 2024.
 

Details of subsidiary undertaking

Name

Nature of business

Holding

Proportion of voting rights and shares held

     

2024

2023

Barnet Golf Ltd

Non trading

Ordinary shares

100%

100%

 

     

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

34,563

11,103

Amounts due from subsidiary

12

-

5,799

Other debtors

 

40,193

33,221

Prepayments and accrued income

 

1,329

11,870

   

76,085

61,993

Other debtors amounting to £12,226 (2023 - £22,226) are due after more than one year.

 

Metro Driving Ranges Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

2024
£

2023
£

Due within one year

Bank loan

64,113

94,201

Trade creditors

98,907

74,482

Director's current account

1,081

-

Corporation tax

95,780

35,333

Social security and other taxes

30,793

13,978

Other creditors

627

2,640

Accruals

107,943

48,613

399,244

269,247

Due after one year

Bank loan

74,409

216,881

The bank loan is secured by a fixed and floating charge over the company's assets.

9

Provisions for liabilities

Deferred tax
£

At 1 May 2023

27,130

Decrease during the year

(5,460)

At 30 April 2024

21,670

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £0.10 each

20,000

2,000

20,000

2,000

       

On 12 May 2023, a capital reduction became effective, pursuant to section 641 (1) (a) of the Companies Act 2006, which reduced the share premium account of the company by £1,999,000 with an equal and opposite credit to retained earnings.

 

Metro Driving Ranges Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Financial commitments

As at 30 April 2024 the company had total financial commitments under non-cancellable operating lease of £3,529,422 (2023 - £3,591,056) over the remaining term of the lease.

12

Related party transactions

The company has taken advantage of the exemption available in FRS 102 Section 1A not to disclose transactions with its wholly owned subsidiary other than those disclosed elsewhere in the notes.

13

Control

There is no controlling party as no shareholder has more than 50% beneficial holding in the company.