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REGISTERED NUMBER: 11801925 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

METROPLEX PROPERTIES LTD

METROPLEX PROPERTIES LTD (REGISTERED NUMBER: 11801925)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


METROPLEX PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 February 2023







DIRECTOR: M D Evangelou





REGISTERED OFFICE: 12 Gateway Mews
Ring Way
London
N11 2UT





REGISTERED NUMBER: 11801925 (England and Wales)





ACCOUNTANTS: G. George Associates Limited
Chartered Certified Accountants
12 Gateway Mews
Ring Way
London
N11 2UT

METROPLEX PROPERTIES LTD (REGISTERED NUMBER: 11801925)

BALANCE SHEET
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 725 967
Investment property 5 303,000 279,220
303,725 280,187

CURRENT ASSETS
Debtors 6 3,390 2,415
Cash at bank 6,413 4,649
9,803 7,064
CREDITORS
Amounts falling due within one year 7 2,319 2,349
NET CURRENT ASSETS 7,484 4,715
TOTAL ASSETS LESS CURRENT
LIABILITIES

311,209

284,902

CREDITORS
Amounts falling due after more than one
year

8

(289,957

)

(289,466

)

PROVISIONS FOR LIABILITIES (5,945 ) -
NET ASSETS/(LIABILITIES) 15,307 (4,564 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 17,835 -
Retained earnings (2,628 ) (4,664 )
15,307 (4,564 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

METROPLEX PROPERTIES LTD (REGISTERED NUMBER: 11801925)

BALANCE SHEET - continued
28 February 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 October 2023 and were signed by:





M D Evangelou - Director


METROPLEX PROPERTIES LTD (REGISTERED NUMBER: 11801925)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 February 2023

1. STATUTORY INFORMATION

METROPLEX PROPERTIES 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 as modified by the revaluation of certain assets.

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 - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on such surplus or deficit at the rate expected to apply when the property is sold.

The fair value profits on investment property is not a realised profit available for distribution. In order to differentiate the non-distributable profits with the distributable profits of the company, any fair value movements on investment property less the deferred tax on such movements is transferred from retained earnings to fair value reserves, which is a non-distributable reserve.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

METROPLEX PROPERTIES LTD (REGISTERED NUMBER: 11801925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 573 1,146 1,719
DEPRECIATION
At 1 March 2022 250 502 752
Charge for year 81 161 242
At 28 February 2023 331 663 994
NET BOOK VALUE
At 28 February 2023 242 483 725
At 28 February 2022 323 644 967

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 279,220
Revaluations 23,780
At 28 February 2023 303,000
NET BOOK VALUE
At 28 February 2023 303,000
At 28 February 2022 279,220

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2023 23,780
Cost 279,220
303,000

If investment property had not been revalued it would have been included at the following historical cost:

28.2.23 28.2.22
£    £   
Cost 279,220 279,220

Investment property was valued on an open market basis on 28 February 2023 by the director .

METROPLEX PROPERTIES LTD (REGISTERED NUMBER: 11801925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 February 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 2,150 1,175
Other debtors 1,240 1,240
3,390 2,415

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other creditors 2,319 2,349

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 186,854 186,854
Other creditors 103,103 102,612
289,957 289,466

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 186,854 186,854

9. RESERVES
Fair
value
reserve
£   
Fair value movement net of deferred tax trfd
from retained earnings

17,835


At 28 February 2023 17,835