The Metropolitan Land and House Company Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 10

The Metropolitan Land and House Company Limited

Company Information

Directors

R J Pickering Mrs L Davie R Booth

Company secretary

R Booth

Registered office

Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

Accountants

Edwards & Keeping Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Metropolitan Land and House Company Limitedfor the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Metropolitan Land and House Company Limited for the year ended 30 June 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Metropolitan Land and House Company Limited, as a body, in accordance with the terms of our engagement letter dated 9 August 2019. Our work has been undertaken solely to prepare for your approval the accounts of The Metropolitan Land and House Company Limited and state those matters that we have agreed to state to the Board of Directors of The Metropolitan Land and House Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Metropolitan Land and House Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Metropolitan Land and House Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Metropolitan Land and House Company Limited. You consider that The Metropolitan Land and House Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Metropolitan Land and House Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

25 October 2023

The Metropolitan Land and House Company Limited

(Registration number: 00012377)
Balance Sheet as at 30 June 2023

	Note	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	4		-		8
Investment property	5		5,843,720		5,840,000
Investments	6		140		140
Other financial assets	7		-		7,357
			5,843,860		5,847,505
Current assets
Debtors	8	467,675		457,215
Cash at bank and in hand		14,707		6,057
		482,382		463,272
Creditors: Amounts falling due within one year	9	(131,329)		(219,895)
Net current assets			351,053		243,377
Total assets less current liabilities			6,194,913		6,090,882
Creditors: Amounts falling due after more than one year	9		(306,036)		(191,220)
Provisions for liabilities			(506,721)		(503,197)
Net assets			5,382,156		5,396,465
Capital and reserves
Called up share capital		38,056		38,056
Share premium reserve		348,389		348,389
Capital redemption reserve		280		280
Fair value reserve		2,792,073		2,795,378
Other reserves		1,991,203		1,991,796
Profit and loss account		212,155		222,566
Total equity			5,382,156		5,396,465

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

R Booth

Company secretary and director

The Metropolitan Land and House Company Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

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:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
United Kingdom

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.

Group accounts not prepared

The company is exempt from preparing group accounts as it is a small group.

Revenue recognition

Turnover comprises the fair value of the rents receivable from the company's investment properties together with bank interest received in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

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 and deferred 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.

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 statement of financial position 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.

The Metropolitan Land and House Company Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

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
Office equipment	Computers and digital equipment 4 years, other equipment 8 years on a straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable property determined annually by the company's directors. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade 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 may subsequently be measured less a 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 may subsequently be measured at amortised cost.

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.

The Metropolitan Land and House Company Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Capital profits or losses

Any capital profits or losses and the capital gains tax payable thereon are transferred to capital reserve.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4	Tangible assets

	Office equipment £	Total £
Cost
At 1 July 2022	2,938	2,938
Disposals	(2,938)	(2,938)
At 30 June 2023	-	-
Depreciation
At 1 July 2022	2,930	2,930
Eliminated on disposal	(2,930)	(2,930)
At 30 June 2023	-	-
Carrying amount
At 30 June 2023	-	-
At 30 June 2022	8	8

5	Investment properties

	2023 £	2022 £
Fair value
At 1 July 2022	5,840,000	5,332,000
Additions	3,720	-
Fair value adjustments	-	508,000
At 30 June 2023	5,843,720	5,840,000

The investment property are reflected in the accounts at their estimated combined open market value. These estimations of value have been compiled by the company's directors on a prudent basis using market information available as to current sale prices, the yield and covenant on the commercial properties and for any acquisitions in the year their cost price.

There has been no valuation of investment property by an independent valuer.

The Metropolitan Land and House Company Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

6	Investments

	2023 £	2022 £
Investments in subsidiaries	100	100
Investments in joint ventures	40	40
	140	140