Registered number
05089788
Metawoods Limited
Unaudited Filleted Accounts
31 March 2024
Metawoods Limited
Registered number: 05089788
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investment properties 3 1,100,000 1,100,000
Current assets
Debtors 4 90,641 61,180
Cash at bank and in hand 4,984 8,605
95,625 69,785
Creditors: amounts falling due within one year 5 (212,883) (200,957)
Net current liabilities (117,258) (131,172)
Total assets less current liabilities 982,742 968,828
Creditors: amounts falling due after more than one year 6 (127,581) (150,809)
Provisions for liabilities (121,853) (121,853)
Net assets 733,308 696,166
Capital and reserves
Called up share capital 400 400
Property valuation reserve 8 519,478 519,478
Profit and loss account 213,430 176,288
Shareholders' funds 733,308 696,166
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A L Derodra
Director
Approved by the board on 12 March 2025
Metawoods Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A smaller entities. There were no material departures from that standard.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes rent receivable.
Investment properties
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Changes in fair value are recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Fixed assets
Investment properties
£
At fair valuation
At 1 April 2023 1,100,000
At 31 March 2024 1,100,000
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 1,100,000
At 31 March 2023 1,100,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 580,522 580,522
Cumulative depreciation based on historical cost - -
580,522 580,522
In the opinion of the director, the market value of the investment property is as stated above. The market value is determined using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
4 Debtors 2024 2023
£ £
Other debtors 90,641 61,180
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,620 14,962
Trade creditors 2,365 2,365
Taxation and social security costs 23,120 19,925
Other creditors 163,778 163,705
212,883 200,957
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 127,581 150,809
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 33,601 48,172
Secured bank loans 132,359 144,127
The bank loan is secured by a fixed and floating charge over the company assets and undertakings.
8 Property valuation reserve (Non-distributable) 2024 2023
£ £
At 1 April 2023 519,478 519,478
At 31 March 2024 519,478 519,478
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan 1 12,097 35,620 - 47,717
12,097 35,620 - 47,717
10 Other information
Metawoods Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Callow Field
Purley
Surrey
CR8 4DU
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