Registration number:
Metro Driving Ranges Limited
for the Year Ended 30 April 2024
Metro Driving Ranges Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
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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.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Metro Driving Ranges Limited
(Registration number: 06859796)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment in subsidiary |
- |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
- |
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Retained earnings |
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( |
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Shareholders' funds |
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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.
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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
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D S Mehta
Director
Metro Driving Ranges Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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.
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
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.
Employee information |
Including directors and company secretary, the company had
Metro Driving Ranges Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Intangible assets |
Goodwill |
Business name |
Total |
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Cost |
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At 1 May 2023 |
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At 30 April 2024 |
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Amortisation |
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At 1 May 2023 |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
- |
- |
- |
At 30 April 2023 |
- |
- |
- |
Tangible assets |
Long leasehold land and buildings |
Machinery, equipment, fixtures and fittings |
Motor vehicle |
Total |
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Cost |
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At 1 May 2023 |
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- |
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Additions in the year |
- |
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Disposals in the year |
- |
( |
- |
( |
At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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- |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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- |
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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
Investment in subsidiary |
2024 |
2023 |
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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 |
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2024 |
2023 |
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Non trading |
Ordinary shares |
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Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts due from subsidiary |
- |
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Other debtors |
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Prepayments and accrued income |
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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
Creditors |
2024 |
2023 |
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Due within one year |
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Bank loan |
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Trade creditors |
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Director's current account |
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- |
Corporation tax |
95,780 |
35,333 |
Social security and other taxes |
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Other creditors |
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Accruals |
107,943 |
48,613 |
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Due after one year |
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Bank loan |
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The bank loan is secured by a fixed and floating charge over the company's assets.
Provisions for liabilities |
Deferred tax |
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At 1 May 2023 |
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Decrease during the year |
( |
At 30 April 2024 |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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2,000 |
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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
Financial commitments |
As at 30 April 2024 the company had total financial commitments under non-cancellable operating lease of £3,529,422 (2023 - £
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.
Control |