Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00595084 2023-01-01 2023-12-31 00595084 2022-01-01 2022-12-31 00595084 2023-12-31 00595084 2022-12-31 00595084 c:Director1 2023-01-01 2023-12-31 00595084 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 00595084 d:FreeholdInvestmentProperty 2023-12-31 00595084 d:FreeholdInvestmentProperty 2022-12-31 00595084 d:CurrentFinancialInstruments 2023-12-31 00595084 d:CurrentFinancialInstruments 2022-12-31 00595084 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00595084 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00595084 d:ShareCapital 2023-12-31 00595084 d:ShareCapital 2022-12-31 00595084 d:RevaluationReserve 2023-12-31 00595084 d:RevaluationReserve 2022-12-31 00595084 d:RetainedEarningsAccumulatedLosses 2023-12-31 00595084 d:RetainedEarningsAccumulatedLosses 2022-12-31 00595084 c:FRS102 2023-01-01 2023-12-31 00595084 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00595084 c:FullAccounts 2023-01-01 2023-12-31 00595084 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00595084 2 2023-01-01 2023-12-31 00595084 5 2023-01-01 2023-12-31 00595084 6 2023-01-01 2023-12-31 00595084 d:OtherDeferredTax 2023-12-31 00595084 d:OtherDeferredTax 2022-12-31 00595084 2 2023-12-31 00595084 2 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 00595084









METROPOLITAN LAND LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
METROPOLITAN LAND LIMITED
REGISTERED NUMBER: 00595084

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
24,151
24,151

Investment property
 5 
2,982,462
2,859,566

  
3,006,613
2,883,717

Current assets
  

Debtors: amounts falling due within one year
 6 
4,375
2,916

Cash at bank and in hand
 7 
8,594
7,971

  
12,969
10,887

Creditors: amounts falling due within one year
 8 
(2,120,780)
(1,994,824)

Net current liabilities
  
 
 
(2,107,811)
 
 
(1,983,937)

Total assets less current liabilities
  
898,802
899,780

Provisions for liabilities
  

Deferred tax
 9 
(86,286)
(86,286)

  
 
 
(86,286)
 
 
(86,286)

Net assets
  
812,516
813,494


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
454,612
454,612

Profit and loss account
  
357,804
358,782

  
812,516
813,494


Page 1

 
METROPOLITAN LAND LIMITED
REGISTERED NUMBER: 00595084
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R D L Cowan
Director

Date: 29 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
METROPOLITAN LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Metropolitan Land Limited is a private Company, limited by shares, incorporated in the United Kingdom and registered in England and Wales (registered number 00595084). The Company's registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. 
The principal activity of the Company continued to be that of letting and operating real estate.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover can be measured reliably;
it is probable that the Company 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.

 
2.3

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 3

 
METROPOLITAN LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors 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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

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.

 
2.7

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.

 
2.8

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 4

 
METROPOLITAN LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

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.

 
2.11

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.

 
2.12

Interest income

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

Page 5

 
METROPOLITAN LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company 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 Company becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of Financial Position.

 
2.14

Current and deferred taxation

The tax expense for the year 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

Page 6

 
METROPOLITAN LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
24,151



At 31 December 2023
24,151






Net book value



At 31 December 2023
24,151



At 31 December 2022
24,151


5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
2,859,566


Additions at cost
122,896



At 31 December 2023
2,982,462

The 2023 valuations were made by the Directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,404,955
2,404,955

2,404,955
2,404,955

Page 7

 
METROPOLITAN LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
2,945
1,801

Other debtors
-
100

Prepayments and accrued income
1,430
1,015

4,375
2,916



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
8,594
7,971

8,594
7,971



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
11,149
6,555

Amounts owed to other participating interests
2,091,898
1,975,112

Other creditors
10,427
6,407

Accruals and deferred income
7,306
6,750

2,120,780
1,994,824



9.


Deferred taxation




2023


£






At beginning of year
(86,286)



At end of year
(86,286)

Page 8

 
METROPOLITAN LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movements
(86,286)
(86,286)

(86,286)
(86,286)

 
Page 9