Metro Wedding and Function Halls Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07062838 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Metro Wedding and Function Halls Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr Cengiz Erpolat

Mr Hamdullah Erpolat

REGISTERED OFFICE:

Ernest House

293 Green Lanes

Palmers Green

London

N13 4XS

REGISTERED NUMBER:

07062838 (England and Wales)

ACCOUNTANTS:

ADPL LLP

293 Green Lanes

London

N13 4XS

FIXED ASSETS

Tangible assets

4

164,958

185,510

CURRENT ASSETS

Cash in hand

25,000

-

CREDITORS

Amounts falling due within one year

5

273,353

272,212

NET CURRENT LIABILITIES

(248,353

)

(272,212

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(83,395

)

(86,702

)

PROVISIONS FOR LIABILITIES

6

17,682

18,588

NET LIABILITIES

(101,077

)

(105,290

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(101,079

)

(105,292

)

SHAREHOLDERS' FUNDS

(101,077

)

(105,290

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2022 and were signed on its behalf by:

Mr Hamdullah Erpolat - Director

Mr Cengiz Erpolat - Director

1.	STATUTORY INFORMATION

Metro Wedding and Function Halls Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In carrying out this assessment, the directors have considered the impact of the Covid-19 pandemic on the trade and finances of the company and wider group and they have taken steps to protect liquidity.

The directors are therefore satisfied that there is no significant risk to the ability of the company to continue as a going concern for at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

10% on reducing balance

Government grants

Government grant received during the year has been accounted according to the policy per FRS 102.

The performance model required that:

(a) A grant that does not impose specified future performance-related conditions on the recipient is recognised in income when the grant proceeds are received or receivable.

(b) A grant that imposes specified future performance-related conditions on the recipient is recognised in income only when the performance-related conditions are met.

The accrual method requires that:

(a) An entity classifies a grant either as a grant relating to revenue or a grant relating to assets.

(b) Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate (Note: A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.)

(c) Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2021 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2021

and 31 March 2022

100,000

323,258

4,442

427,700

DEPRECIATION

At 1 April 2021

20,000

219,745

2,445

242,190

Charge for year

10,000

10,352

200

20,552

At 31 March 2022

30,000

230,097

2,645

262,742

NET BOOK VALUE

At 31 March 2022

70,000

93,161

1,797

164,958

At 31 March 2021

80,000

103,513

1,997

185,510

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

13,280

14,943

Trade creditors

15,090

15,091

Taxation and social security

144,564

114,164

Other creditors

100,419

128,014

273,353

272,212

6.	PROVISIONS FOR LIABILITIES

31.3.22

31.3.21

£

£

Deferred tax

17,682

18,588

Deferred

tax

£

Balance at 1 April 2021

18,588

Provided during year

(906

)

Balance at 31 March 2022

17,682