Metro (Galicia) Limited 02240901 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true true 02240901 2023-05-01 2024-04-30 02240901 2024-04-30 02240901 core:CurrentFinancialInstruments 2024-04-30 02240901 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 02240901 core:FurnitureFittingsToolsEquipment 2024-04-30 02240901 core:MotorVehicles 2024-04-30 02240901 bus:SmallEntities 2023-05-01 2024-04-30 02240901 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02240901 bus:FilletedAccounts 2023-05-01 2024-04-30 02240901 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 02240901 bus:RegisteredOffice 2023-05-01 2024-04-30 02240901 bus:Director2 2023-05-01 2024-04-30 02240901 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02240901 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 02240901 core:MotorVehicles 2023-05-01 2024-04-30 02240901 core:ToolsEquipment 2023-05-01 2024-04-30 02240901 countries:EnglandWales 2023-05-01 2024-04-30 02240901 2023-04-30 02240901 core:FurnitureFittingsToolsEquipment 2023-04-30 02240901 core:MotorVehicles 2023-04-30 02240901 2022-05-01 2023-04-30 02240901 2023-04-30 02240901 core:CurrentFinancialInstruments 2023-04-30 02240901 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 02240901 core:FurnitureFittingsToolsEquipment 2023-04-30 02240901 core:MotorVehicles 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 02240901

Metro (Galicia) Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Metro (Galicia) Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

Metro (Galicia) Limited

Company Information

Director

J V Lopez

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Metro (Galicia) Limited

Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,506

5,709

Current assets

 

Stocks

5

3,396,962

3,396,962

Debtors

6

291,431

150,980

Cash at bank and in hand

 

1,591,703

1,512,908

 

5,280,096

5,060,850

Creditors: Amounts falling due within one year

7

(586,932)

(600,859)

Net current assets

 

4,693,164

4,459,991

Net assets

 

4,696,670

4,465,700

Capital and reserves

 

Called up share capital

52

52

Retained earnings

4,696,618

4,465,648

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 15 January 2025
 

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

J V Lopez

Director

Company registration number: 02240901

 

Metro (Galicia) Limited

Notes to the 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 and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of property development.

2

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2023 - 2).

 

Metro (Galicia) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

3,738

34,630

38,368

At 30 April 2024

3,738

34,630

38,368

Depreciation

At 1 May 2023

2,136

30,523

32,659

Charge for the year

1,176

1,027

2,203

At 30 April 2024

3,312

31,550

34,862

Carrying amount

At 30 April 2024

426

3,080

3,506

At 30 April 2023

1,602

4,107

5,709

5

Stocks

2024
£

2023
£

Stock

3,396,962

3,396,962

6

Debtors

2024
£

2023
£

Other debtors

291,431

150,980

291,431

150,980

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

148

11,228

Taxation and social security

124,218

114,523

Other creditors

462,566

475,108

586,932

600,859

 

Metro (Galicia) Limited

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

8

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.