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REGISTERED NUMBER: 06428968 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2025

for

Metis Homes Limited

Metis Homes Limited (Registered number: 06428968)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Statement of Directors' Responsibilities 6

Independent Auditors' Report 7

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Metis Homes Limited

Company Information
for the Year Ended 31 March 2025







DIRECTORS: E T M Rowlandson
A J O'Brien
A J O Sinclair
A Harris
R Woodman-Bailey
C J Hayter
N J Freemantle
S J White
M W M Burton
D Oakley


SECRETARY: Finance And Industrial Trust Limited(The)


REGISTERED OFFICE: Graham House
7 Wyllyotts Place
Potters Bar
Hertfordshire
EN6 2JD


REGISTERED NUMBER: 06428968 (England and Wales)


AUDITORS: Moore Kingston Smith LLP
Statutory Auditor
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF


BANKERS: NatWest Bank Plc
Portsmouth Commercial Office
1st Floor, Bay House
North Harbour Business Park
Portsmouth
Hampshire
PO6 4RS

Metis Homes Limited (Registered number: 06428968)

Strategic Report
for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

BUSINESS REVIEW
The Metis business secured total revenue of £34.17m (2024: £20.74m), broken down as follows:
- £20.85m from 45 house sales, (2024: £13.75m)
- £13.29m from 3 land sales, (2024 £6.88m)

Operating Profit rose to £1.99m (2024: £1.66m) with Net Assets growing to £2.72m (2024: £2.46m).

Market headwinds remained strong for SME housebuilders. Despite this, the business carried relatively little stock throughout the year, with sales performance good.

Another solid planning performance was achieved, with no refusals in an increasingly challenging planning arena.

The business secured another Gold Award for customer service, with 100% of customers recommending Metis, further to surveys conducted via the independent business, "In-House". This is an important reflection of our values and the high standards we strive to achieve for our customers.

Human resource was strengthened as we look to increase sales completions in the coming years, with several live planning applications currently in the system, capable of feeding this growth.

As the year closed, the Metis business had 439 plots secure under contract and at various stages of the planning process, providing good visibility for business planning. Gross Assets remained stable at £18.37m (2024 £18.65m), reflecting a continued focus on land acquisition; several options and contracts continue to be agreed and secured in order to increase Gross Assets and facilitate the planned growth in the coming years.

Funding relationships are solid, with the RO Group as an enduring strength and sole equity provider to the business, and NatWest continuing similarly as sole senior debt provider.

PRINCIPAL RISKS AND UNCERTAINTIES
The slow pace and flawed decision-making within the planning system remain a risk to SMEs and a material barrier to growth.

An increasingly inefficient utilities industry, upon which we heavily rely for housing, is a further growing concern.

High interest rates restrict numbers of home buyers and with tax rates rising, particularly stamp duty, sales rate is likely to remain relatively slow in the absence of government stimulus, coupled with global instability that continues to breed uncertainty.

Section 106 affordable housing delivery remains an unresolved issue industry-wide, which adversely affects cashflow and cost of finance.

All of this being said, the same challenges apply across the industry and the Metis business will continue to harness the significant experience of its board and overall team, with prudent forecasting and sensible decisions on land transactions vital to ensure cash remains under control and that planned growth is well conceived.

The main financial risks arising are credit risk, interest rate risk and liquidity risk.

The company's policy in respect of interest rate risk and liquidity risk is to maintain a mixture of long term and short term debt finance. Operations are mainly financed by bank loans and inter-company advances. This combination of finance is mainly used to assist in the funding of the development of sites. In addition, various financial instruments such as trade debtors and trade creditors arise from company's operations. Cash flow is monitored by the Directors on a regular basis and appropriate action taken when additional required.


Metis Homes Limited (Registered number: 06428968)

Strategic Report
for the Year Ended 31 March 2025

SECTION 172 STATEMENT
This section describes how we have engaged with and considered the interests of our key stakeholders when exercising our duty to promote the success of the company under Section 172 (1) of the Companies Act 2006. These principles are not only something that is considered at Board level, they are embedded throughout the RO Trading Group.

Employees
How the Board Engages:
- Recruitment, retention and reward
- Attendance of training and development forums
- Assessing the output of employment surveys and agreeing follow-up actions
- Online development, training and performance
- Our impact on the community and the environment.

The directors have a wealth of experience covering all aspects of the company's activities. This gives them extensive knowledge of the business we are actively engaged in, as well as insight into the mood, and views of their colleagues.

Engagement with our employees has never been so vital to the success of our business. We continue to work with our employees following covid to maintain not only a safe, but a better work / life balance.

Recruitment, retention and reward
Following discussions and taking into account the impact of the pandemic on different areas of the business, actions included:
- Agreeing principles for remote and home working.
- Our internal performance and development tool provides a forum for positive and constructive feedback by
individuals and managers.

We pride ourselves on maintaining high levels of staff retention, with many employees having received long service awards.
This is achieved by offering our employees every opportunity to expand their roles, promoting a culture of being 'in business to do business' and actively encouraging all to engage with every area of the business.

Employment Surveys
Throughout the year our online performance tool was continued to be rolled out alongside employee surveys to assess opinions / areas of interest. This enthusiasm has been harnessed by the creation of various working groups, examples include:-
- Promotion of positive mental health and wellbeing
- Leadership forums
- Sustainability Committee

With regard to health, safety and wellbeing the Board receives regular updates on safety performance, safety risk management and staff mental health and wellbeing.

Suppliers
Throughout the year the Board approved major contract negotiations and strategies with regard to key suppliers. We balance maintaining strong relationships with key suppliers / professional advisers alongside the need to obtain value for money.

Customers
We strive to provide excellent products and service to all our customers. Various surveys are undertaken to gauge customer mood / opinion.

Our impact on the community and the environment
We have a number of initiatives aimed at reducing the adverse impact of our business on the environment and the communities in which we operate.

Shareholders
The Board does not take any decisions nor does it undertake any actions that would provide any shareholder or group of shareholders with any unfair advantage or position compared to the shareholders as a whole.


Metis Homes Limited (Registered number: 06428968)

Strategic Report
for the Year Ended 31 March 2025

Long Term Decisions
Activity is focused on obtaining planning permission to develop further schemes, to maximise profitability.

ON BEHALF OF THE BOARD:





A J O'Brien - Director


12 August 2025

Metis Homes Limited (Registered number: 06428968)

Report of the Directors
for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025. Metis Homes Limited has opted to take the exemption from preparing group accounts in the current year in accordance with FRS102 and as such the current and prior year result are for the company only and do not include any joint venture contribution.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of development of residential properties.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2025.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

E T M Rowlandson
A J O'Brien
A J O Sinclair
A Harris
R Woodman-Bailey
C J Hayter
N J Freemantle
S J White
M W M Burton
D Oakley

HEALTH & SAFETY
The Directors keep the Health & Safety risks associated with the business under constant review together with the processes that mitigate those risks. The processes include annual planning, regular Health & Safety meetings, third party external site audits for all aspects of the business, staff training and communication, risk assessments, external updates and reporting at each board meeting.

MATTERS DISCLOSED IN THE STRATEGIC REPORT
The financial risk management objectives and policies of the Company and the exposure of the Company to various risk are addressed in the Strategic Report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR
The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the company's auditor is unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

AUDITORS
Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and therefore Moore Kingston Smith LLP will continue in office.

ON BEHALF OF THE BOARD:



A Teoh Authorised Signatory
Finance And Industrial Trust Limited(The) - Secretary


12 August 2025

Metis Homes Limited (Registered number: 06428968)

Statement of Directors' Responsibilities
for the Year Ended 31 March 2025

The directors are responsible for preparing the Strategic report, the Directors’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently
-make judgements and estimates that are reasonable and prudent; and
-state whether applicable UK accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements
-assess the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern; and
-use the going concern basis of accounting unless they either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent Auditors' Report to the Members of
Metis Homes Limited

Opinion
We have audited the financial statements of Metis Homes Limited (the 'company') for the year ended 31 March 2025, which comprise Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year
then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves, If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal
requirements.

Independent Auditors' Report to the Members of
Metis Homes Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
-the financial statements are not in agreement with the accounting records and returns; or
-certain disclosures of directors' remuneration specified by law are not made; or
-we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the
company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause
the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Independent Auditors' Report to the Members of
Metis Homes Limited


Explanation as to what extent the audit was considered capable of detecting
irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

-We obtained an understanding of the legal and regulatory requirements applicable to the company and
considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by
the Financial Reporting Council, UK taxation legislation, building regulations, environmental law compliance,
employment law and data protection.
-We obtained an understanding of how the company complies with these requirements by discussions with
management and those charged with governance.
-We assessed the risk of material misstatement of the financial statements, including the risk of material
misstatement due to fraud and how it might occur, by holding discussions with management and those charged
with governance.
-We inquired of management and those charged with governance as to any known instances of non-compliance or
suspected non-compliance with laws and regulations.
-Based on this understanding, we designed specific appropriate audit procedures to identify instances of
non-compliance with laws and regulations. This included making enquiries of management and those charged
with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company's members those matters which we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company's members as a body, for our work, for this report, or for the opinions we have formed.




Darren Jordan (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
Statutory Auditor
4 Victoria Square
St Albans
AL1 3TF

13 August 2025

Metis Homes Limited (Registered number: 06428968)

Statement of Comprehensive Income
for the Year Ended 31 March 2025

31.3.25 31.3.24
Notes £    £    £    £   

TURNOVER 3 34,170,695 20,735,551

Cost of sales 29,485,351 16,744,760
GROSS PROFIT 4,685,344 3,990,791

Administrative expenses 2,696,342 2,334,999
OPERATING PROFIT 6 1,989,002 1,655,792

Income from shares in group undertakings 12,096 -
Interest receivable and similar income 4,246 642
16,342 642
2,005,344 1,656,434
Amounts written off investments 8 500 -
2,004,844 1,656,434

Interest payable and similar expenses 9 1,637,304 1,900,208
PROFIT/(LOSS) BEFORE TAXATION 367,540 (243,774 )

Tax on profit/(loss) 10 103,054 (306,314 )
PROFIT FOR THE FINANCIAL YEAR 264,486 62,540

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

264,486

62,540

Metis Homes Limited (Registered number: 06428968)

Balance Sheet
31 March 2025

31.3.25 31.3.24
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 40,855 34,502
Investments 12 100 600
40,955 35,102

CURRENT ASSETS
Stocks 13 17,082,975 17,500,718
Debtors 14 1,244,515 1,108,471
Cash at bank and in hand 3,394 3,130
18,330,884 18,612,319
CREDITORS
Amounts falling due within one year 15 13,480,393 13,364,972
NET CURRENT ASSETS 4,850,491 5,247,347
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,891,446

5,282,449

CREDITORS
Amounts falling due after more than one
year

16

2,169,899

2,825,388
NET ASSETS 2,721,547 2,457,061

CAPITAL AND RESERVES
Called up share capital 19 238 238
Share premium 20 - 4,096,070
Retained earnings 20 2,721,309 (1,639,247 )
SHAREHOLDERS' FUNDS 2,721,547 2,457,061

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2025 and were signed on its behalf by:




E T M Rowlandson - Director



A J O'Brien - Director


Metis Homes Limited (Registered number: 06428968)

Statement of Changes in Equity
for the Year Ended 31 March 2025

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2023 234 (1,701,787 ) 96,074 (1,605,479 )

Changes in equity
Issue of share capital 4 - 3,999,996 4,000,000
Total comprehensive income - 62,540 - 62,540
Balance at 31 March 2024 238 (1,639,247 ) 4,096,070 2,457,061

Changes in equity
Cancelation of share premium - 4,096,070 (4,096,070 ) -
Total comprehensive income - 264,486 - 264,486
Balance at 31 March 2025 238 2,721,309 - 2,721,547

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

Metis Homes Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06428968

Registered office: Graham House
7 Wyllyotts Place
Potters Bar
Hertfordshire
EN6 2JD

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The Company had net Assets of £2,721,547 (2024: £2,457,061) and net current assets of £4,850,491 (2024: £5,247,347) as at 31 March 2025 and recorded a Profit for the year then ended of £264,486 (2024: £62,540), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The Directors monitor the liquidity of the Company and its subsidiaries The directors have prepared cash flow forecast for a period of 18 months from the date of approval of these financial statements which indicate that, taking account of severe but plausible downsides incorporating no growth projections, the company is able to cover its operating costs and service its outstanding debt obligations in line with the agreed repayment dates with no resulting cash-shortfall. Those forecasts are dependent on RO Trading Limited not seeking repayment of the amounts currently due from the Company, which at 31 March 2025 amounted to £11.1 million, and providing additional financial support during that period. RO Trading Limited has indicated its intention to continue to make available such funds as are needed by the Company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Metis Homes Limited is a member of a group where the parent company of the largest and smallest group, RO Trading Limited, prepares consolidated accounts. Copies of its group accounts can be obtained from Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD. Metis Homes Limited has therefore taken the consolidated accounts exemption for the current year, in accordance with S400 of the Companies Act 2006

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The following judgements made in the process of applying accounting policies has had significant effects on amounts recognised in the financial statements:


-
Valuation of stock: the directors consider that the valuation of stock is fairly stated and the net realisable
value of the land and buildings is not less than cost.

-
Recognition of cost of sales is calculated on gross margin on an individual development basis. The costs
are recognised from the current costs to complete.

Turnover
Turnover is stated net of VAT and represents amounts receivable from third parties in respect of property sales and income from construction contracts. Revenue is recognised on legal completion for property sales and based on percentage of completion for construction contracts. All turnover arises in the UK.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. At each reporting end date, the group reviews the valuations of its tangible assets to determine whether there is any indication that those assets have a movement in valuation.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation as follows:

Plant and Machinery20% Reducing Balance
Fixtures and Fittings33% on Cost
Motor Vehicles33% on Cost
Computer Equipment33% on Cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost comprises land purchases, building costs and directly attributable overheads. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.
Deferred income is related to works completed not yet invoiced.

Creditors
Short term creditors are measured at the transaction price.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on demand.

Dividends
Dividend income is recognised in the profit and loss account on the date the Company's right to receive payments is established.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.
The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.Interest payable and similar expenses include interest payable. Other interest receivable and similar income include interest receivable on funds invested, loans granted and net foreign exchange gains.

Interest receivable and Interest payable
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Interest-bearing borrowings classified as basic financial instruments
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Short term employee benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.

Ordinary Shares
Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity.

Share premium
The share premium account includes the premium on issue of equity shares, net of any issue costs.

3. TURNOVER

Turnover, which arises from continuing activities, is derived wholly in the uk market and comprises of

31.3.2531.3.24
££
Sales of residential housing and developments.34,138,95920,690,499

4. EMPLOYEES AND DIRECTORS
31.3.25 31.3.24
£    £   
Wages and salaries 1,682,068 1,421,996
Social security costs 245,375 209,165
Other pension costs 136,897 121,730
2,064,340 1,752,891

The average number of employees during the year was as follows:
31.3.25 31.3.24

Administration 12 11
Sales/Development 13 10
Directors 7 7
32 28

Wages and salaries recharged to Cost of sales are £542,980 (2024: £470,343) and are not included in the above figures.

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

5. DIRECTORS' EMOLUMENTS

31.3.25 31.3.24
£ £
Directors' remuneration 928,084 865,443
Pension contributions in respect of defined contribution schemes 82,890 78,655
1,010,974 944,098


Information regarding the highest paid director is as follows:

31.3.25 31.3.24
£ £
Emoluments 182,566 176,663
Pension contributions 10,474 10,120
193,040 186,783

6. OPERATING PROFIT

The operating profit is stated after charging:

31.3.25 31.3.24
£    £   
Depreciation - owned assets 28,083 18,283
Loss on disposal of fixed assets 500 -

7. AUDITORS' REMUNERATION
31.3.25 31.3.24
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

19,500

15,000

8. AMOUNTS WRITTEN OFF INVESTMENTS
31.3.25 31.3.24
£    £   
Amounts written off investment 500 -

9. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.25 31.3.24
£    £   
Bank interest 393,349 407,115
Interest payable to related
undertakings 1,232,522 1,489,045
Hire purchase 11,433 4,048
1,637,304 1,900,208

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

10. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.3.25 31.3.24
£    £   
Current tax:
UK corporation tax 103,054 (40,165 )
Prior year adjustment - (346,479 )
Total current tax 103,054 (386,644 )

Deferred tax - 80,330
Tax on profit/(loss) 103,054 (306,314 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25 31.3.24
£    £   
Profit/(loss) before tax 367,540 (243,774 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2024 - 25%)

91,885

(60,944

)

Effects of:
Expenses not deductible for tax purposes 16,023 18,063
Capital allowances in excess of depreciation (1,830 ) -
Depreciation in excess of capital allowances - 2,716
Adjustments to tax charge in respect of previous periods - (346,479 )

Dividends received from group undertakings (3,024 ) -




Deferred tax - 80,330
Total tax charge/(credit) 103,054 (306,314 )

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2024 44,410 13,139 26,555 113,729 197,833
Additions 24,919 - - 10,482 35,401
Disposals (16,052 ) (13,139 ) - (97,115 ) (126,306 )
At 31 March 2025 53,277 - 26,555 27,096 106,928
DEPRECIATION
At 1 April 2024 35,502 13,139 10,327 104,363 163,331
Charge for year 12,405 - 8,852 6,826 28,083
Eliminated on disposal (16,052 ) (13,139 ) - (96,150 ) (125,341 )
At 31 March 2025 31,855 - 19,179 15,039 66,073
NET BOOK VALUE
At 31 March 2025 21,422 - 7,376 12,057 40,855
At 31 March 2024 8,908 - 16,228 9,366 34,502

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2024 600
Impairments (500 )
At 31 March 2025 100
NET BOOK VALUE
At 31 March 2025 100
At 31 March 2024 600

Fixed asset investments are shown by the company at cost less provision for impairment.

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Metis Homes (Millers Brook) Limited
Registered office: Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD
Nature of business: Development of residential properties
%
Class of shares: holding
Ordinary 100.00

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

12. FIXED ASSET INVESTMENTS - continued

Metis Build Limited
Registered office: Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD
Nature of business: Development of residential properties
%
Class of shares: holding
Ordinary 100.00

Joint venture

BB Property Ventures Limited
Registered office: Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD
Nature of business: Development of residential properties
%
Class of shares: holding
Ordinary 50.00

13. STOCKS
31.3.25 31.3.24
£    £   
Stocks 17,082,975 17,500,718

Stock recognised in cost of sales during the year as an expense for the company was £29,424,893 (2024: £16,680,625).

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade debtors 331,260 20,949
Other taxes 255,459 285,752
Amounts owed by group undertakings - 35,359
Other debtors 530,929 214,881
Tax - 40,165
Deferred tax asset - 279,225
Prepayments and accrued income 126,867 232,140
1,244,515 1,108,471

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Bank loans and overdrafts (see note 17) - 1,222,321
Trade creditors 1,632,348 911,455
Amounts owed to group undertakings 11,117,495 10,436,056
Tax 103,054 -
Social security and other taxes 83,777 63,435
Other creditors 26,678 44,284
Accruals and deferred income 517,041 687,421
13,480,393 13,364,972

Certain creditors are secured over stock and work in progress.
Amounts owed to and from group undertaking are repayable upon demand and are interest bearing at 7% above the Bank of England base rate.

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.25 31.3.24
£    £   
Bank loans (see note 17) 2,169,899 2,825,388

17. LOANS

An analysis of the maturity of loans is given below:

31.3.25 31.3.24
£    £   
Amounts falling due within one year or on demand:
Bank loans - 1,222,321

Amounts falling due between one and two years:
Bank loans - 1-2 years 2,169,899 2,825,388

Loans are secured on Stock and work in progress.

Bank loans are agreed on a site by site basis, with repayments being made as completions take place, with interest rates of 3.25% above Bank of England base rates.

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.25 31.3.24
£    £   
Within one year 58,987 72,000
Between one and five years 132,043 180,207
191,030 252,207

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

19. CALLED UP SHARE CAPITAL

Allotted, Issued and fully paid.

Number

Class

Nominal Value
31.3.25
£
31.3.24
£
16000 A Ordinary Shares £0.01 160.00 160.00
2000 B Ordinary Shares £0.01 20.00 20.00
2400 C Ordinary Shares £0.01 24.00 24.00
40 D Ordinary Shares £0.01 0.40 0.40
25 Deferred Shares £1.00 25.00 25.00
500 Growth Shares £0.01 5.00 5.00
400 Preferred Ordinary Shares £0.01 4.00 4.00
238.40 238.40


The A, B & C classes of shares have equal voting rights, although A shares having preference over the B &C shares for repayment and any distribution including on winding up.

The D & Growth shares carry no voting rights, but are entitled to participate in a distribution of surplus assets on a winding up subject to the amount being more than £2.5m.

The Deferred shares carry no Voting rights and no rights to participate in any profits or assets of the company.

The Preferred Ordinary shares carry no voting rights but are entitled to dividend's and to participate in a distribution of surplus assets on a winding up.

20. RESERVES

Retained earnings
This reserve includes all current and prior period's retained profits and losses.

Share premium
During the year the share premium reserve of £4,096,070 was cancelled and credited to the retained earnings of the company.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Entities with control, joint control or significant influence over the entity
31.3.25 31.3.24
£    £   
Management charge payable 115,000 115,000
Interest payable 1,232,522 1,489,045
Amount due to related party 11,114,289 10,425,516

Entities with control, joint control or significant influence over the company consisted of those within the RO Trading Group.

Metis Homes Limited (Registered number: 06428968)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

21. RELATED PARTY DISCLOSURES - continued

Entities over which the entity has control, joint control or significant influence
31.3.25 31.3.24
£    £   
Amount due from related party - 35,359
Amount due to related party 3,206 10,540

22. POST BALANCE SHEET EVENTS

There has been no events since the balance sheet date that could materially affect the state of affairs of the company as at 31 March 2025 or that requires disclosure.

23. ULTIMATE CONTROLLING PARTY

The company's immediate and its ultimate parent company is RO Trading Limited, a company incorporated in England and Wales.

Mr E T M Rowlandson, a director of RO Trading Limited, and members of his close family, control the company as a result of them owning and controlling the issued share capital of RO Trading Limited.

RO Trading Limited is the parent company of the largest and smallest group of which the company is a member for which consolidated accounts are prepared. Copies of its group accounts can be obtained from Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD.