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Sage Accounts Production 23.0 - FRS102_2023
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Company registration number:
12668345
Metcalf Drive Ltd
Unaudited filleted financial statements
30 June 2023
Metcalf Drive Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Metcalf Drive Ltd
Directors and other information
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Directors |
Mr M J Renwick |
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Mr J W Lancaster |
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Miss S E Bridge |
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Mrs S Lancaster |
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Company number |
12668345 |
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Registered office |
The Sidings |
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Whalley |
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Clitheroe |
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Lancashire |
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BB7 9SE |
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Accountants |
Turner and Brown Limited |
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105 Garstang Road |
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Preston |
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Lancashire |
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PR1 1LD |
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Metcalf Drive Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Metcalf Drive Ltd
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Metcalf Drive Ltd for the year ended 30 June 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Metcalf Drive Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Metcalf Drive Ltd and state those matters that we have agreed to state to the board of directors of Metcalf Drive Ltd as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metcalf Drive Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Metcalf Drive 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 loss of Metcalf Drive Ltd. You consider that Metcalf Drive 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 Metcalf Drive 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.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancashire
PR1 1LD
Metcalf Drive Ltd
Statement of financial position
30 June 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Stocks |
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841,651 |
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2,323,299 |
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Debtors |
|
5 |
1,020,999 |
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|
500,169 |
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Cash at bank and in hand |
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|
2,923 |
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|
93,288 |
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|
|
|
_______ |
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_______ |
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1,865,573 |
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2,916,756 |
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Creditors: amounts falling due |
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within one year |
|
6 |
(
2,090,894) |
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|
(
2,966,413) |
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|
_______ |
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|
_______ |
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Net current liabilities |
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(
225,321) |
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(
49,657) |
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_______ |
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_______ |
Total assets less current liabilities |
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(
225,321) |
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(
49,657) |
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_______ |
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_______ |
Net liabilities |
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(
225,321) |
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(
49,657) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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|
100 |
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|
100 |
Profit and loss account |
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|
(
225,421) |
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(
49,757) |
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_______ |
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|
_______ |
Shareholders deficit |
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(
225,321) |
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(
49,657) |
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_______ |
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_______ |
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For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
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 Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 October 2024
, and are signed on behalf of the board by:
Mr M J Renwick
Director
Company registration number:
12668345
Metcalf Drive Ltd
Notes to the financial statements
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office One Marathon House, The Sidings, Whalley, Clitheroe, Lancashire, BB7 9SE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the reporting date the company had net liabilities of £225,321 sustained as a result of trading losses. The company was reliant on the continuing financial support of the directors. In the directors' opinion the company had all the resources needed in order to continue to trade the the required financial support would be continuing. As a result these accounts have been prepared on a going concern basis.
Transition to FRS 102
The entity transitioned from FRS 105 to FRS 102 as at 1 July 2021. No transitional adjustments were required.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for commercial properties sold net of any discounts and Value Added Tax. Revenue is recognised at the point of completion on the sale of the properties. Any reservation fees received for properties are recognised at the point of completion or, if relevant, when the purchaser formally withdrew from the process meaning the non-refundable deposits were retained. Any such deposits held at the reporting date were recorded as deferred income and are shown within other creditors.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and net realisable value. In the company's accounts the stocks relate to work-in-porgress relating to the construction of the commercial properties. The costs of construction have been apportioned across the commercial units on a proportionate basis based on sales price of the units. The work-in-progress shown at the reporting date relates to construction costs on properties yet to be sold at that point.
Construction contracts
The income and costs relating to the construction of the properties is recorded in the accounts at the point of completion with the construction costs being recorded on a proportionate basis in relation to the selling price of the properties.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2022:
4
).
5.
Debtors
|
|
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2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
1,020,999 |
500,169 |
|
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
|
|
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2023 |
2022 |
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|
£ |
£ |
|
Bank loans and overdrafts |
|
40,000 |
1,046,951 |
|
Trade creditors |
|
201,848 |
345,624 |
|
Social security and other taxes |
|
341,817 |
- |
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Other creditors |
|
1,507,229 |
1,573,838 |
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|
_______ |
_______ |
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2,090,894 |
2,966,413 |
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_______ |
_______ |
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7.
Related party transactions
At the reporting date the company had a debit intercompany loan balance of £1,020,999 with a company controlled by two of the company directors. However, there were also accrued costs to be invoiced from this company of £1,020,998 at the reporting date. Separately there were credit intercompany loan balances of £459,444 with companies under the control of the directors. All of these loans and balances were interest free and repayable on demand.