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Registration number: 09690930

Metro Shopfitting (London) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Metro Shopfitting (London) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Metro Shopfitting (London) Ltd

Company Information

Directors

Mr J Sutherland

Mrs LM Sutherland

Mr J Horne

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Metro Shopfitting (London) Ltd

(Registration number: 09690930)
Balance Sheet as at 30 April 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

-

 

17,595

Current assets

   

 

Stocks

5

-

 

21,665

 

Debtors

6

15,673

 

179,991

 

Cash at bank and in hand

 

8,552

 

27,079

 

 

24,225

 

228,735

 

Creditors: Amounts falling due within one year

7

(15,041)

 

(199,400)

 

Net current assets

   

9,184

 

29,335

Total assets less current liabilities

   

9,184

 

46,930

Creditors: Amounts falling due after more than one year

7

 

-

 

(3,373)

Provisions for liabilities

 

-

 

(4,399)

Net assets

   

9,184

 

39,158

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

9,084

 

39,058

 

Total equity

   

9,184

 

39,158

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.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 January 2025 and signed on its behalf by:
 

 

Metro Shopfitting (London) Ltd

(Registration number: 09690930)
Balance Sheet as at 30 April 2024

.........................................
Mr J Sutherland
Director

 

Metro Shopfitting (London) Ltd

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:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

The principal place of business is:
Unit 19b
Icknield Way Farm
Tring Road, Eaton Bray
Dunstable
Bedfordshire
LU6 2LX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these accounts is £ Sterling. The level of rounding is to the nearest £.

Going concern

As the intention of the directors is to dissolve the company, these financial statements have been prepared on a break up basis and all assets and liabilities have been restated at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Metro Shopfitting (London) Ltd

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Short leasehold land and buildings

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

Metro Shopfitting (London) Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Metro Shopfitting (London) Ltd

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

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

1,200

93,700

11,950

106,850

Disposals

(1,200)

(93,700)

(11,950)

(106,850)

At 30 April 2024

-

-

-

-

Depreciation

At 1 May 2023

1,081

78,747

9,427

89,255

Charge for the year

30

3,739

631

4,400

Eliminated on disposal

(1,111)

(82,486)

(10,058)

(93,655)

At 30 April 2024

-

-

-

-

Carrying amount

At 30 April 2024

-

-

-

-

At 30 April 2023

119

14,953

2,523

17,595

Included within the net book value of land and buildings above is £Nil (2023 - £119) in respect of short leasehold land and buildings.

 

Metro Shopfitting (London) Ltd

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

5

Stocks

2024
£

2023
£

Other inventories

-

21,665

6

Debtors

2024
£

2023
£

Trade debtors

292

-

Prepayments

81

5,430

Accrued income

15,300

174,561

15,673

179,991

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

2,869

Trade creditors

 

8,754

107,871

Taxation and social security

 

5,296

20,383

Other creditors

 

991

68,277

 

15,041

199,400


 

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

3,373

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

3,373

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

2,869