ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

METRO GLOBAL HOLDINGS LIMITED - Company Information

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Registered number: 07317590









METRO GLOBAL HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2020
 
METRO GLOBAL HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
I  Liddell 
P Carlile 
S W G Ireland 
A White 




Company secretary
N K Brooks



Registered number
07317590



Registered office
Upminster Court
133 Hall Lane

Upminster

Essex

RM14 1AL




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL




 
METRO GLOBAL HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 34

 
METRO GLOBAL HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2020

Introduction
 
The directors present their strategic report and the financial statements for the year ending 30 June 2020.
The principal activity of the Group during the year was that of shipping and forwarding agents.

Business review
 
The directors consider the profit achieved on ordinary activities before taxation for the period to 30 June 2020 to be particularly satisfactory given the difficult trading conditions. The Group has adequate resources to take advantage of future business opportunities and the directors consider the state of affairs to be more than satisfactory with expectations exceeded.
 
Executive Summary
 
The Coronavirus (Covid-19) pandemic represents a challenge for businesses both in the UK and overseas however given our global client base covers a large variety of key sectors and industries we were able to continue consistent trading throughout the period assisting those companies whose supply chains and requirements changed throughout the period of uncertainty.
 
Whilst Brexit brings uncertainty, it also brings opportunity to the Metro Group which has unique capabilities to facilitate global trade and run dynamic supply chains to or from anywhere on the planet. The Group’s principal financial instruments comprise cash with a strong cash flow and extremely healthy working capital management. The Group had various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group does not enter into derivative transactions. 
 
It is, and has been throughout the period under review, the Group’s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group’s financial instruments are liquidity risk, foreign currency risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Page 1
 
METRO GLOBAL HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020

Principal risks and uncertainties
 
Whilst Brexit brings uncertainty, it also brings opportunity to the Metro Group which has unique capabilities to facilitate global trade and run dynamic supply chains to or from anywhere on the planet. The Group’s principal financial instruments comprise cash with a strong cash flow and extremely healthy working capital management. The Group had various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group does not enter into derivative transactions.
It is, and has been throughout the period under review, the Group’s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group’s financial instruments are liquidity risk, foreign currency risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets and profitability.
Foreign currency risk
The Group operates in the UK but can be exposed in its trading operations to the risk of changes in foreign currency exchange rates. The Group has decided not to use derivative instruments in its management of this risk.
Credit risk
The Group trades with only recognised, creditworthy third parties. It is Group policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant.

Financial key performance indicators
 
The Group’s key performance indicators are turnover and profit before tax as set out in the Statement of Comprehensive Income.

Other key performance indicators
 
Other key performance indicators include staff development and training, our staff are at the forefront of everything we do as a business being a service industry our staff are extremely important to us.

Directors' statement of compliance with duty to promote the success of the Group
 
The directors are aware of their responsibility to promote the success of the Group and the necessary requirements that come with it.


This report was approved by the board on 10 June 2021 and signed on its behalf.




P Carlile
Director

Page 2
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2020

The directors present their report and the financial statements for the period ended 30 June 2020.

Results and dividends

The profit for the period, after taxation, amounted to £10,644,820 (2019 - £8,224,271).

During the year dividends were paid of £6,000,000 (2019: £Nil). 

Directors

The directors who served during the period were:

I  Liddell 
P Carlile 
S W G Ireland 
A White 

Future developments

Future developments are currently focussed around Brexit with the continued development of our Brexit platform and providing our current and new customers with our market leading solution.

Engagement with employees

As above our employees are at the heart of everything we do and, as a business, we ensure we regularly engage in employee surveys and feedback and ensure communication is incorporated into business decision making.

Engagement with suppliers, customers and others

Metro are proud of the excellent relationships we have built up with both customers and suppliers having worked with both consistently over a number of decades. Our excellent relationships help drive our business and are key to the company’s growth and development.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020


Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 10 June 2021 and signed on its behalf.
 





P Carlile
Director

Page 4
 
METRO GLOBAL HOLDINGS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2020

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METRO GLOBAL HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Metro Global Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 June 2020, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Group's and of the parent Company's affairs as at 30 June 2020 and of the Group's profit for the period then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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


We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:


∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.



Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.


In connection with our audit of the financial statements, 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
Page 6
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METRO GLOBAL HOLDINGS LIMITED (CONTINUED)


knowledge obtained in 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 or a material misstatement of the other information. 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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.



Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company 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 on page 5, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METRO GLOBAL HOLDINGS LIMITED (CONTINUED)


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 Auditors' 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.





Charalambos Patsalides (Senior Statutory Auditor)
  
for and on behalf of
Haslers
 
Chartered Accountants
Statutory Auditor
  
Old Station Road
Loughton
Essex
IG10 4PL

10 June 2021
Page 8
 
METRO GLOBAL HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2020

15 months ended 30 June 2020
Year ended 31 March 2019
Note
£
£

  

Turnover
 4 
146,543,523
128,311,899

Cost of sales
  
(122,802,464)
(111,294,113)

Gross profit
  
23,741,059
17,017,786

Administrative expenses
  
(13,639,999)
(9,631,875)

Other operating income
 5 
2,655,129
1,809,750

Operating profit
  
12,756,189
9,195,661

Share of profit of associates
  
-
794,343

Total operating profit
  
12,756,189
9,990,004

Income from fixed assets investments
  
687,400
464,800

Interest receivable and similar income
 10 
196,312
108,101

Interest payable and expenses
 11 
(34,774)
(23,687)

Profit before taxation
  
13,605,127
10,539,218

Tax on profit
 12 
(2,960,307)
(2,314,947)

Profit for the financial period
  
10,644,820
8,224,271

Profit for the period attributable to:
  

Owners of the parent Company
  
10,644,820
8,224,271

  
10,644,820
8,224,271

Total comprehensive income for the period attributable to:
  

Owners of the parent Company
  
10,644,820
8,224,271

  
10,644,820
8,224,271

There were no recognised gains and losses for 2020 or 2019 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2020 (2019:£NIL).

The notes on pages 17 to 34 form part of these financial statements.

Page 9
 
METRO GLOBAL HOLDINGS LIMITED
REGISTERED NUMBER: 07317590

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2020

30 June
30 June
31 March
31 March
2020
2020
2019
2019
Note
£
£
£
£

Fixed assets
  

Intangible assets
 14 
678,667
3,223,683

Tangible assets
 15 
205,812
176,276

Investments
 16 
169,694
169,694

Investment property
 17 
480,951
480,951

  
1,535,124
4,050,604

Current assets
  

Debtors: amounts falling due within one year
 18 
12,072,760
14,227,194

Cash at bank and in hand
 19 
22,229,066
17,793,021

  
34,301,826
32,020,215

Creditors: amounts falling due within one year
 20 
(14,275,883)
(19,154,572)

Net current assets
  
 
 
20,025,943
 
 
12,865,643

Total assets less current liabilities
  
21,561,067
16,916,247

Net assets
  
21,561,067
16,916,247


Capital and reserves
  

Called up share capital 
 22 
10,000
10,000

Share premium account
 23 
15,656,666
15,656,666

Profit and loss account
 23 
5,894,401
1,249,581

Equity attributable to owners of the parent Company
  
21,561,067
16,916,247

  
21,561,067
16,916,247


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 June 2021.




P Carlile
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 10
 
METRO GLOBAL HOLDINGS LIMITED
REGISTERED NUMBER: 07317590

COMPANY BALANCE SHEET
AS AT 30 JUNE 2020

30 June
30 June
31 March
31 March
2020
2020
2019
2019
Note
£
£
£
£

Fixed assets
  

Investments
 16 
23,500,000
23,500,000

  
23,500,000
23,500,000

Current assets
  

Debtors: amounts falling due within one year
 18 
688,214
644,814

Cash at bank and in hand
 19 
1,604,319
1,037,040

  
2,292,533
1,681,854

Creditors: amounts falling due within one year
 20 
(5,941,689)
(6,018,410)

Net current liabilities
  
 
 
(3,649,156)
 
 
(4,336,556)

Total assets less current liabilities
  
19,850,844
19,163,444

  

  

Net assets
  
19,850,844
19,163,444


Capital and reserves
  

Called up share capital 
 22 
10,000
10,000

Share premium account
 23 
15,656,666
15,656,666

Profit and loss account brought forward
  
3,496,778
2,388,009

Profit for the period
  
6,687,400
1,108,769

Other changes in the profit and loss account

  

(6,000,000)
-

Profit and loss account carried forward
  
4,184,178
3,496,778

  
19,850,844
19,163,444


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 June 2021.



P Carlile
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 11
 
METRO GLOBAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2020


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2019
10,000
15,656,666
1,249,581
16,916,247


Comprehensive income for the period

Profit for the period
-
-
10,644,820
10,644,820
Total comprehensive income for the period
-
-
10,644,820
10,644,820

Dividends: Equity capital
-
-
(6,000,000)
(6,000,000)


Total transactions with owners
-
-
(6,000,000)
(6,000,000)


At 30 June 2020
10,000
15,656,666
5,894,401
21,561,067


The notes on pages 17 to 34 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2019


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2018
10,000
15,656,666
(6,974,690)
8,691,976


Comprehensive income for the year

Profit for the year
-
-
8,224,271
8,224,271
Total comprehensive income for the year
-
-
8,224,271
8,224,271


At 31 March 2019
10,000
15,656,666
1,249,581
16,916,247


The notes on pages 17 to 34 form part of these financial statements.

Page 12
 
METRO GLOBAL HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2020


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2019
10,000
15,656,666
3,496,778
19,163,444


Comprehensive income for the year

Profit for the period
-
-
6,687,400
6,687,400
Total comprehensive income for the period
-
-
6,687,400
6,687,400


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(6,000,000)
(6,000,000)


Total transactions with owners
-
-
(6,000,000)
(6,000,000)


At 30 June 2020
10,000
15,656,666
4,184,178
19,850,844


The notes on pages 17 to 34 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2019


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2018
10,000
15,656,666
2,388,009
18,054,675


Comprehensive income for the year

Profit for the year
-
-
1,108,769
1,108,769
Total comprehensive income for the year
-
-
1,108,769
1,108,769


At 31 March 2019
10,000
15,656,666
3,496,778
19,163,444


The notes on pages 17 to 34 form part of these financial statements.

Page 13
 
METRO GLOBAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2020

15 months ended 30 June
Year ended 31 March
2020
2019
£
£

Cash flows from operating activities

Profit for the financial period
10,644,820
8,224,271

Adjustments for:

Amortisation of intangible assets
2,545,016
2,036,015

Depreciation of tangible assets
78,626
68,576

Loss on disposal of tangible assets
(2,921)
-

Government grants
(113,369)
-

Interest paid
34,774
23,687

Interest received
(883,712)
(572,901)

Taxation charge
2,960,307
2,314,947

Decrease/(increase) in debtors
2,204,125
(2,602,487)

(Decrease)/increase in creditors
(2,734,748)
2,141,272

Share of operating profit in associates
-
(794,343)

Corporation tax (paid)
(5,152,273)
(1,593,009)

Net cash generated from operating activities

9,580,645
9,246,028


Cash flows from investing activities

Purchase of tangible fixed assets
(212,740)
-

Sale of tangible fixed assets
107,500
-

Government grants received
113,369
-

Purchase of fixed asset investments
-
(351)

Interest received
196,312
108,101

HP interest paid
(3,784)
(2,467)

Income from investments
687,400
-

Dividends received
-
644,814

Net cash from investing activities

888,057
750,097
Page 14
 
METRO GLOBAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020

30 June
31 March

2020
2019

£
£



Cash flows from financing activities

Repayment of/new finance leases
(1,669)
(5,292)

Dividends paid
(6,000,000)
(6,000,000)

Interest paid
(30,988)
(21,220)

Net cash used in financing activities
(6,032,657)
(6,026,512)

Net increase in cash and cash equivalents
4,436,045
3,969,613

Cash and cash equivalents at beginning of period
17,793,021
13,823,408

Cash and cash equivalents at the end of period
22,229,066
17,793,021


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
22,229,066
17,793,021

22,229,066
17,793,021


The notes on pages 17 to 34 form part of these financial statements.

Page 15
 
METRO GLOBAL HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 JUNE 2020




At 1 April 2019
Cash flows
At 30 June 2020
£

£

£

Cash at bank and in hand

17,793,021

4,436,045

22,229,066

Finance leases

(41,659)

1,669

(39,990)


17,751,362
4,437,714
22,189,076

The notes on pages 17 to 34 form part of these financial statements.

Page 16
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

1.


General information

Metro Global Holdings Limited is a private company, limited by shares, domiciled in England and Wales, registration number 07317590. The registered office is Upminster Court, 133 Hall Lane, Upminster, Essex, RM14 1AL. The principal activity of the group continued to be that of shipping and forwarding agents. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £ sterling.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

Page 17
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 20
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

2.Accounting policies (continued)

 
2.13

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.14

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 21
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The director does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. 

Page 22
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

4.


Turnover

An analysis of turnover by class of business is as follows:


15 months ended 30 June 2020
Year ended 31 March 2019
£
£

Turnover
146,543,523
128,311,899

146,543,523
128,311,899


Analysis of turnover by country of destination:

15 months ended 30 June 2020
Year ended 31 March 2019
£
£

United Kingdom
119,081,935
105,265,370

Rest of Europe
12,260,118
10,446,161

Rest of the world
15,201,470
12,600,368

146,543,523
128,311,899



5.


Other operating income

15 months ended 30 June 2020
Year ended 31 March 2019
£
£

Other operating income
813,484
772,731

Net rents receivable
30,048
27,517

Government grants receivable
113,369
-

Sundry income
115,994
79,241

Commissions receivable - intercompany
1,210,508
938,341

Fees receivable
261,534
-

Foreign exchange difference - gain
110,192
(8,080)

2,655,129
1,809,750


Page 23
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

6.


Auditors' remuneration

15 months ended 30 June 2020
Year ended 31 March 2019
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
17,000
16,500


Fees payable to the Group's auditor and its associates in respect of:


Accounts preparation
-
1,500

Taxation compliance services
2,750
3,390

2,750
4,890


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
30 June
Group
31 March
Company
30 June
Company
31 March
2020
2019
2020
2019
£
£
£
£


Wages and salaries
7,158,318
4,835,056
-
-

Social security costs
779,722
523,105
-
-

Cost of defined contribution scheme
153,201
86,692
-
-

8,091,241
5,444,853
-
-


The average monthly number of employees, including the directors, during the period was as follows:



Group
Group
Company
Company
        2020
        2019
        2020
        2019
            No.
            No.
            No.
            No.









Shipping clerks, IT, sales and administration
148
154
4
4

Page 24
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

8.


Directors' remuneration

15 months ended 30 June 2020
Year ended 31 March 2019
£
£

Directors' emoluments
647,665
643,637

Company contributions to defined contribution pension schemes
3,067
7,164

650,732
650,801


During the period retirement benefits were accruing to 3 directors (2019 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £432,384 (2019 - £371,405).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,181 (2019 - £1,207).


9.


Income from investments

15 months ended 30 June 2020
Year ended 31 March 2019
£
£

Income from fixed asset investments
(687,400)
(464,800)

(687,400)
(464,800)







10.


Interest receivable

15 months ended 30 June 2020
Year ended 31 March 2019
£
£


Other interest receivable
196,312
108,101

196,312
108,101

Page 25
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

11.


Interest payable and similar expenses

15 months ended 30 June 2020
Year ended 31 March 2019
£
£


Finance leases and hire purchase contracts
3,784
2,467

Other interest payable
30,990
21,220

34,774
23,687


12.


Taxation


15 months ended 30 June 2020
Year ended 31 March 2019
£
£

Corporation tax


Current tax on profits for the year
2,970,655
2,116,256

Adjustments in respect of previous periods
-
34,215

Associate taxation
-
150,693


2,970,655
2,301,164


Total current tax
2,970,655
2,301,164

Deferred tax


Origination and reversal of timing differences
(10,348)
44,647

Adjustments in respect of prior preriods
-
(30,864)

Total deferred tax
(10,348)
13,783


Taxation on profit on ordinary activities
2,960,307
2,314,947
Page 26
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
 
12.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is the same as (2019 - higher than) the standard rate of corporation tax in the UK of 19% (2019 - 19%). The differences are explained below:

15 months ended 30 June 2020
Year ended 31 March 2019
£
£


Profit on ordinary activities before tax
13,605,128
10,074,418


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)
2,584,974
1,914,139

Effects of:


Non-tax deductible amortisation of goodwill and impairment
483,553
386,843

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
62,899
15,867

Adjustments to tax charge in respect of prior periods
(13,671)
34,215

Dividends from UK companies
(130,605)
-

Other differences leading to an increase (decrease) in the tax charge
(23,832)
-

Adjustments to tax charge in respect of previous periods - deferred tax
(3,011)
(30,864)

Adjust deferred tax to closing rate
-
(5,253)

Total tax charge for the period/year
2,960,307
2,314,947


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

13.


Dividends

15 months ended 30 June
Year ended 31 March
2020
2020
£
£

Ordinary A


Dividends
3,000,000
-

Ordinary B


Dividends
3,000,000
-

6,000,000
-

Page 28
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

14.


Intangible assets

Group







Goodwill

£



Cost


At 1 April 2019
20,360,132



At 30 June 2020

20,360,132



Amortisation


At 1 April 2019
17,136,449


Charge for the period on owned assets
2,545,016



At 30 June 2020

19,681,465



Net book value



At 30 June 2020
678,667



At 31 March 2019
3,223,683



Page 29
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

15.


Tangible fixed assets

Group








Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2019
203,734
1,573,232
1,776,966


Additions
182,506
30,235
212,741


Disposals
(180,356)
-
(180,356)



At 30 June 2020

205,884
1,603,467
1,809,351



Depreciation


At 1 April 2019
70,589
1,530,101
1,600,690


Charge for the period on owned assets
52,144
26,482
78,626


Disposals
(75,777)
-
(75,777)



At 30 June 2020

46,956
1,556,583
1,603,539



Net book value



At 30 June 2020
158,928
46,884
205,812



At 31 March 2019
133,145
43,131
176,276


16.


Fixed asset investments

Group








Investments in associates
Listed investments
Total

£
£
£



Cost or valuation


At 1 April 2019
160,848
8,846
169,694



At 30 June 2020
160,848
8,846
169,694




Page 30
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
Company








Investments in subsidiary companies

£



Cost or valuation


At 1 April 2019
23,500,000



At 30 June 2020
23,500,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Metro Shipping Limited
2700 The Crescent, Birmingham Business Park, Birmingham, B37 7YE
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2020 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Metro Shipping Limited
24,370,709
12,502,439


Associate


The following was an associate of the Company:


Name

Registered office

Class of shares

Holding

Elite Logistics Consultants (GB) Limited
13 Portland Road, Edgbaston, Birmingham, B37 7YE
Ordinary
49%

Page 31
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

17.


Investment property

Group





Freehold investment property

£



Valuation


At 1 April 2019
480,951



At 30 June 2020
480,951

The 2020 valuations were made by the directors, on an open market value for existing use basis.










18.


Debtors

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2020
2019
2020
2019
£
£
£
£


Trade debtors
10,868,608
12,975,467
-
-

Other debtors
843,382
919,466
688,214
644,814

Prepayments and accrued income
339,039
320,878
-
-

Deferred taxation
21,731
11,383
-
-

12,072,760
14,227,194
688,214
644,814



19.


Cash and cash equivalents

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2020
2019
2020
2019
£
£
£
£

Cash at bank and in hand
22,229,066
17,793,021
1,604,319
1,037,040

22,229,066
17,793,021
1,604,319
1,037,040


Page 32
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

20.


Creditors: Amounts falling due within one year

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2020
2019
2020
2019
£
£
£
£

Trade creditors
13,406,101
15,079,652
-
-

Amounts owed to group undertakings
-
-
5,941,689
6,018,410

Corporation tax
13,671
2,155,944
-
-

Other taxation and social security
166,565
135,908
-
-

Obligations under finance lease and hire purchase contracts
39,990
41,659
-
-

Other creditors
-
379,451
-
-

Accruals and deferred income
649,556
1,361,958
-
-

14,275,883
19,154,572
5,941,689
6,018,410



21.


Deferred taxation


Group



2020


£






At beginning of year
11,383


Charged to profit or loss
10,348


Utilised in year
-



At end of year
21,731

Group
30 June
Group
31 March
2020
2019
£
£

Fixed asset timing differences
21,731
11,383

21,731
11,383

Page 33
 
METRO GLOBAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

22.


Share capital

15 months ended 30 June
Year ended 31 March
2020
2019
£
£
Allotted, called up and fully paid



50,000 (2019 - 50,000) Ordinary A shares of £0.10 each
5,000
5,000
50,000 (2019 - 50,000) Ordinary B shares of £0.10 each
5,000
5,000

10,000

10,000


23.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


24.


Related party transactions

The total remuneration paid to the key management personnel is £837,316 (2019: £915,947).
At the year end, the following amounts were due from/(to) related parties:


15 months ended 30 June
Year ended 31 March
2020
2019
£
£

Entities under common control
814
644,814
814
644,814


25.


Controlling party

Due to the nature of the Company's sharegoldings there is no ultimate controlling party.

Page 34