Company registration number 11089029 (England and Wales)
METROPROPERTIES2017 LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
METROPROPERTIES2017 LIMITED
CONTENTS
Page
Directors' report
1
Statement of financial position
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
METROPROPERTIES2017 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 November 2023.
Principal activities
The principal activity of the company in the year under review was that of property investment.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Cleary
H Cleary
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
P Cleary
Director
29 July 2024
METROPROPERTIES2017 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
152
304
Investment property
4
4,126,858
4,126,858
4,127,010
4,127,162
Current assets
Debtors
5
7,887
15,284
Cash at bank and in hand
141,978
302,803
149,865
318,087
Creditors: amounts falling due within one year
6
(3,278,691)
(3,622,683)
Net current liabilities
(3,128,826)
(3,304,596)
Total assets less current liabilities
998,184
822,566
Provisions for liabilities
(37)
(87)
Net assets
998,147
822,479
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
998,047
822,379
Total equity
998,147
822,479
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
METROPROPERTIES2017 LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
P Cleary
Director
Company registration number 11089029 (England and Wales)
METROPROPERTIES2017 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
100
639,544
639,644
Year ended 30 November 2022:
Profit and total comprehensive income
-
186,835
186,835
Dividends
-
(4,000)
(4,000)
Balance at 30 November 2022
100
822,379
822,479
Year ended 30 November 2023:
Profit and total comprehensive income
-
177,668
177,668
Dividends
-
(2,000)
(2,000)
Balance at 30 November 2023
100
998,047
998,147
METROPROPERTIES2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
1
Accounting policies
Company information
METROPROPERTIES2017 LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income from investment properties which is recognised on a receivable basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
METROPROPERTIES2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged
or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
METROPROPERTIES2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
608
Depreciation and impairment
At 1 December 2022
304
Depreciation charged in the year
152
At 30 November 2023
456
Carrying amount
At 30 November 2023
152
At 30 November 2022
304
4
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
4,126,858
METROPROPERTIES2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
4
Investment property
(Continued)
- 8 -
No fair value revaluation was undertaken on the ground that the director has determined that the cost of obtaining fair values for the properties outweighs the benefits to the users of these accounts.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,337
Other debtors
7,887
6,947
7,887
15,284
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
29
27
Corporation tax
52,881
43,859
Other taxation and social security
14,709
16,018
Other creditors
3,211,072
3,562,779
3,278,691
3,622,683