Company registration number 14607761 (England and Wales)
METAL MORPHOSIS COVENT GARDEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
METAL MORPHOSIS COVENT GARDEN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
METAL MORPHOSIS COVENT GARDEN LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
247,302
Current assets
Debtors
5
39,187
100
Cash at bank and in hand
3,331
1,000
42,518
1,100
Creditors: amounts falling due within one year
6
(297,636)
(1,000)
Net current (liabilities)/assets
(255,118)
100
Net (liabilities)/assets
(7,816)
100
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(7,916)
Total equity
(7,816)
100
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 June 2025
B Harris
Director
Company registration number 14607761 (England and Wales)
METAL MORPHOSIS COVENT GARDEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Metal Morphosis Covent Garden Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Peterley Business Centre, 472 Hackney Road, London, E2 9EQ.
1.1
Reporting period
The company was incorporated on 13 January 2023. The financial reporting period was shortened to 30 September 2023 to bring the reporting date in line with other companies under common control. The comparative figures in this set of financial statements therefore relate to a period of less than one year.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the director has confirmed their intentions to continue to financially support the company, therefore there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the term of the lease
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
METAL MORPHOSIS COVENT GARDEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
METAL MORPHOSIS COVENT GARDEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2023
Additions
253,643
At 30 September 2024
253,643
Depreciation and impairment
At 1 October 2023
Depreciation charged in the year
6,341
At 30 September 2024
6,341
Carrying amount
At 30 September 2024
247,302
At 30 September 2023
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
39,187
100
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,993
Other creditors
283,643
1,000
297,636
1,000
7
Related party transactions
Included in the profit and loss account for the year is other income of £25,000 (2023: £nil), representing a management charge with Metal Morphosis Operations Limited, and management fees payable of £12,500 (2023: £nil) with Metal Morphosis Carnaby Limited, both companies related by virtue of common control.
Included in other creditors at the reporting date is an amount of £269,643 (2023: £1,000) owed to Metal Morphosis Operations Limited, and £12,500 (2023: £nil) owed to Metal Morphosis Carnaby Limited, both companies related by virtue of common control. The balance bears no interest and has no formal terms of repayment attached.