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Registration number: 06227946

By The Metre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

By The Metre Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

By The Metre Limited

(Registration number: 06227946)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,826

3,018

Current assets

 

Stocks

40,000

48,000

Debtors

6

-

308

Cash at bank and in hand

 

79,873

64,273

 

119,873

112,581

Creditors: Amounts falling due within one year

7

(11,136)

(10,625)

Net current assets

 

108,737

101,956

Total assets less current liabilities

 

111,563

104,974

Creditors: Amounts falling due after more than one year

7

(122,500)

(122,500)

Net liabilities

 

(10,937)

(17,526)

Capital and reserves

 

Called up share capital

1,500

1,500

Retained earnings

(12,437)

(19,026)

Shareholders' deficit

 

(10,937)

(17,526)

 

By The Metre Limited

(Registration number: 06227946)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

Approved and authorised by the director on 13 July 2025
 

Ms C E Coates
Director

   
     
 

By The Metre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fine Fabrics
Magdalene Lane
Taunton
Somerset
TA1 1SE

These financial statements were authorised for issue by the director on 13 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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

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

Going concern

The director believes that, with the continued support of the shareholder who has agreed to not demand repayment of his loan to the company, it is appropriate to prepare these accounts on a going concern basis.

Revenue recognition

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

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

By The Metre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short Leasehold

Not Provided

Fixtures and Fittings

25% on Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest Amortisation is provided on intangible assets so as to write off the cost or valuation, less any residual value, over their expected useful economic life of 5 years.

Cash and cash equivalents

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

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

By The Metre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

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

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

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings

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

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

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

Share capital

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

By The Metre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2023 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

119,000

119,000

At 31 December 2024

119,000

119,000

Amortisation

At 1 January 2024

119,000

119,000

At 31 December 2024

119,000

119,000

Carrying amount

At 31 December 2024

-

-

5

Tangible assets

Short leasehold land and buildings
£

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2024

2,250

22,043

24,293

At 31 December 2024

2,250

22,043

24,293

Depreciation

At 1 January 2024

-

21,275

21,275

Charge for the year

-

192

192

At 31 December 2024

-

21,467

21,467

Carrying amount

At 31 December 2024

2,250

576

2,826

At 31 December 2023

2,250

768

3,018

Included within the net book value of land and buildings above is £2,250 (2023 - £2,250) in respect of short leasehold land and buildings.
 

 

By The Metre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

2024
£

2023
£

Prepayments

-

308

-

308

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

791

2,418

Amounts due to related parties

9

1,496

1,019

Social security and other taxes

 

2,726

4,649

Other creditors

 

1,962

39

Accruals

 

3,539

2,500

Corporation tax liability

622

-

 

11,136

10,625

Due after one year

 

Loans and borrowings

8

122,500

122,500

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other loans

122,500

122,500

9

Related party transactions

The company operates from premises that are owned by a company controlled by a shareholder of By The Metre Limited. No rent was charged for the year or the previous period. This shareholder has also made an interest free loan to the company and the amount owed at 31 December 2024 was £122,500 (2023 - £122,500).