Company registration number 03357802 (England and Wales)
METRO INSPECTION SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
METRO INSPECTION SERVICES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 9
METRO INSPECTION SERVICES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A. J. Paten
Mr D. S. Ungoed-Thomas
Mr I. J. Simcott
Ms C. L. March
Mr A. McCarthy
Mr P Taylor
Company number
03357802
Registered office
3rd Floor
8 Boundary Row
London
United Kingdom
SE1 8HP
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
METRO INSPECTION SERVICES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
17,343
18,143
Current assets
Debtors
5
2,171,318
2,453,235
Cash at bank and in hand
16,858
9,179
2,188,176
2,462,414
Creditors: amounts falling due within one year
6
(1,074,506)
(1,269,955)
Net current assets
1,113,670
1,192,459
Total assets less current liabilities
1,131,013
1,210,602
Creditors: amounts falling due after more than one year
7
(280,000)
(428,994)
Net assets
851,013
781,608
Capital and reserves
Called up share capital
8
5,564
5,564
Share premium account
32,761
32,761
Other reserves
5,219
5,219
Profit and loss reserves
807,469
738,064
Total equity
851,013
781,608
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
Mr A. McCarthy
Director
Company Registration No. 03357802
METRO INSPECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Metro Inspection Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 8 Boundary Row, London, United Kingdom, SE1 8HP.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The ability of the company to continue trading is dependent on the company generating sustainable profits and positive cash flows. In addition, the ability of the company to continue as a going concern depends on it continuing to receive financial support from its parent company to allow it to meet its financial obligations as they fall due and also the management and recoverability of intra-group and loan balances so that they do not place unnecessary financial pressure on the company.
The directors of the parent company have prepared forecasts which indicate that the group will be able to generate positive cash flows and manage its working capital to enable it to pay its debts as they fall due. Accordingly the directors believe that it is appropriate to prepare the financial statements on a going concern basis
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax and trade discounts.
Turnover consists of income from repeat services performed under service contracts and one-off services. The turnover is recognised on completion of the contracts or over the length of the contract based on the service provided.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
METRO INSPECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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 payment is due within one year or less.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
METRO INSPECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
METRO INSPECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors have considered whether there are any critical judgements required in the preparation of these accounts and have concluded that there are none requiring disclosure.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
20
4
Fixed asset investments
2024
2023
£
£
Investments
17,343
18,143
METRO INSPECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 February 2023
18,143
Disposals
(800)
At 31 January 2024
17,343
Carrying amount
At 31 January 2024
17,343
At 31 January 2023
18,143
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,128,622
1,012,655
Amounts due from group undertakings
920,307
1,402,424
Other debtors
550
500
Prepayments and accrued income
121,839
37,656
2,171,318
2,453,235
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
140,000
171,362
Obligations under hire purchase agreement
1,507
Other loans
105,660
110,981
Trade creditors
379,679
148,874
VAT
179,423
362,107
PAYE and social security
48,136
48,600
Other creditors
29,173
29,323
Accruals and deferred income
192,435
397,201
1,074,506
1,269,955
METRO INSPECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
280,000
350,000
Other loans
78,994
280,000
428,994
The bank loans are secured as follows:
Cross company guarantees exist between the company, its fellow subsidiary undertakings and its parent company.
The company took out a Coronavirus Business Interruption Loan in July 2020 with Lloyds Bank plc. At 31st January 2024 the amount owed on that loan was £420,000. The interest rate on the loan is 2.54% above the Bank of England base rate.
There is a charge over the assets of the companies amounting to £19,536 in respect of the rent deposit already paid.
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
511,700 Ordinary shares of 1p each
5,117
5,117
44,737 Ordinary A shares of 1p each
447
447
5,564
5,564
METRO INSPECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
46,355
82,026
Between two and five years
86,827
31,135
133,182
113,161
10
Related party transactions
As a wholly owned subsidiary of Metro Safety Group Limited, the company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose transactions with other wholly-owned members of the group.
11
Financial commitments, guarantees and contingent liabilities
A cross party guarantee exists between the company and other group companies whereby the company's assets are held as security against the secured debts in other group companies. At the balance sheet date, the total of those companies' secured debts amounted to £841,904. No losses are expected to arise as a result of this guarantee.
12
Parent company
The ultimate parent undertaking and controlling party is Metro Safety Group Limited, a company incorporated in England and Wales.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Philip Clark FCCA.
The auditor was TC Group.
2024-01-312023-02-01false27 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr A. J. PatenMr D. S. Ungoed-ThomasMr I. J. SimcottMs C. L. MarchMr A. McCarthyMr P Taylorfalsefalse033578022023-02-012024-01-3103357802bus:Director12023-02-012024-01-3103357802bus:Director22023-02-012024-01-3103357802bus:Director32023-02-012024-01-3103357802bus:Director42023-02-012024-01-3103357802bus:Director52023-02-012024-01-3103357802bus:Director62023-02-012024-01-3103357802bus:RegisteredOffice2023-02-012024-01-31033578022024-01-31033578022023-01-3103357802core:CurrentFinancialInstruments2024-01-3103357802core:CurrentFinancialInstruments2023-01-3103357802core:Non-currentFinancialInstruments2024-01-3103357802core:Non-currentFinancialInstruments2023-01-3103357802core:ShareCapital2024-01-3103357802core:ShareCapital2023-01-3103357802core:SharePremium2024-01-3103357802core:SharePremium2023-01-3103357802core:OtherMiscellaneousReserve2024-01-3103357802core:OtherMiscellaneousReserve2023-01-3103357802core:RetainedEarningsAccumulatedLosses2024-01-3103357802core:RetainedEarningsAccumulatedLosses2023-01-3103357802core:ShareCapitalOrdinaryShares2024-01-3103357802core:ShareCapitalOrdinaryShares2023-01-31033578022022-02-012023-01-3103357802core:WithinOneYear2024-01-3103357802core:WithinOneYear2023-01-3103357802core:BetweenTwoFiveYears2024-01-3103357802core:BetweenTwoFiveYears2023-01-3103357802bus:PrivateLimitedCompanyLtd2023-02-012024-01-3103357802bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3103357802bus:FRS1022023-02-012024-01-3103357802bus:Audited2023-02-012024-01-3103357802bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP