Registration number:
Metro (Galicia) Limited
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Metro (Galicia) Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Metro (Galicia) Limited
Company Information
Director |
J V Lopez |
Registered office |
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Accountants |
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Metro (Galicia) Limited
Statement of Financial Position as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
52 |
52 |
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Retained earnings |
4,696,618 |
4,465,648 |
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Shareholders' funds |
4,696,670 |
4,465,700 |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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J V Lopez
Director
Company registration number: 02240901
Metro (Galicia) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property development.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
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.
Going concern
The company made a profit for the year ended 30 April 2024 and had net assets at that date amounting to £4,696,670 including cash at bank of £1,591,703.
The company continues to meet its liabilities as they fall due. The director has considered the current economic climate and believes that there will be no significant impact on the company.
After making enquiries, the director believes that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the director considers it appropriate to continue to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover represents amounts receivable for the sale of development properties. Turnover is recognised when there is an unconditional contract for sale stated net of VAT and discounts.
Metro (Galicia) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
33.33% Straight line |
Motor vehicles |
25% Reducing balance |
Stocks
Stocks relate to properties in hand and attributable development costs and are stated at the lower of cost and net realisable value. Cost includes all production overheads and depreciation and the attributable proportion of indirect overheads where applicable.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Metro (Galicia) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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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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Stocks |
2024 |
2023 |
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Stock |
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Debtors |
2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Metro (Galicia) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Transactions with directors |
At 30 April 2024 an amount of £277,018 (2023: £127,236) was due from a director. During the year advances of £279,478 and repayments of £129,696 were made. No interest has been charged (2023: £Nil) and there are no agreed terms. |