| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 31 March 2025 |
| for |
| Metis Homes Limited |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 4 Victoria Square |
| St Albans |
| Hertfordshire |
| AL1 3TF |
| BANKERS: |
| 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: |
| 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. |
| 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 |
| 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. |
| for and on behalf of |
| Statutory Auditor |
| 4 Victoria Square |
| St Albans |
| AL1 3TF |
| 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 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 6 |
| Income from shares in group undertakings |
| Interest receivable and similar income |
| 16,342 | 642 |
| 2,005,344 | 1,656,434 |
| Amounts written off investments | 8 |
| 2,004,844 | 1,656,434 |
| Interest payable and similar expenses | 9 |
| PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
| Tax on profit/(loss) | 10 | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Metis Homes Limited (Registered number: 06428968) |
| Balance Sheet |
| 31 March 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Share premium | 20 |
| Retained earnings | 20 | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 | ( |
) | ( |
) |
| Changes in equity |
| Issue of share capital | - |
| Total comprehensive income | - | - |
| Balance at 31 March 2024 | ( |
) |
| Changes in equity |
| Cancelation of share premium | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 March 2025 |
| 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 |
| 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 Machinery | 20% Reducing Balance |
| Fixtures and Fittings | 33% on Cost |
| Motor Vehicles | 33% on Cost |
| Computer Equipment | 33% 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 |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Sales of residential housing and developments. | 34,138,959 | 20,690,499 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.3.25 | 31.3.24 |
| Administration |
| Sales/Development |
| Directors |
| 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 |
| Loss on disposal of fixed assets |
| 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 |
| 8. | AMOUNTS WRITTEN OFF INVESTMENTS |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Amounts written off investment |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Bank interest |
| Interest payable to related |
| undertakings |
| Hire purchase |
| 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 | ( |
) |
| Prior year adjustment | ( |
) |
| Total current tax | ( |
) |
| Deferred tax |
| Tax on profit/(loss) | ( |
) |
| 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 | ( |
) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Dividends received from group undertakings | ( |
) |
| Deferred tax |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2024 |
| Impairments | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 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 |
| Registered office: Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD |
| Nature of business: |
| % |
| Class of shares: | holding |
| Metis Homes Limited (Registered number: 06428968) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD |
| Nature of business: |
| % |
| Class of shares: | holding |
| Joint venture |
| Registered office: Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD |
| Nature of business: |
| % |
| Class of shares: | holding |
| 13. | STOCKS |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Stocks |
| 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 |
| Other taxes |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| Deferred tax asset |
| Prepayments and accrued income |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Bank loans and overdrafts (see note 17) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 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) |
| 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 |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| 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 |
| Between one and five years |
| 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. |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Management charge payable |
| Interest payable |
| Amount due to related party |
| Metis Homes Limited (Registered number: 06428968) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 21. | RELATED PARTY DISCLOSURES - continued |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Amount due from related party |
| Amount due to related party |
| 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. |