Company Registration No. 03784323 (England and Wales)
London & Metropolitan International (Holdings) Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
London & Metropolitan International (Holdings) Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
London & Metropolitan International (Holdings) Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,892,614
2,573,416
Current assets
Debtors
5
2,208,828
2,094,698
Cash at bank and in hand
30,085
28,465
2,238,913
2,123,163
Creditors: amounts falling due within one year
6
(893,979)
(1,096,828)
Net current assets
1,344,934
1,026,335
Net assets
3,237,548
3,599,751
Capital and reserves
Called up share capital
7
128
128
Capital redemption reserve
72
72
Profit and loss reserves
3,237,348
3,599,551
Total equity
3,237,548
3,599,751
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 31 December 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.
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
John Aiton
Director
Company Registration No. 03784323
London & Metropolitan International (Holdings) Limited
Statement of changes in equity
For the year ended 31 December 2023
2
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
128
72
4,184,440
4,184,640
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
(129,889)
(129,889)
Dividends
-
-
(455,000)
(455,000)
Balance at 31 December 2022
128
72
3,599,551
3,599,751
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
17,797
17,797
Dividends
-
-
(380,000)
(380,000)
Balance at 31 December 2023
128
72
3,237,348
3,237,548
London & Metropolitan International (Holdings) Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information
London & Metropolitan International (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Britwell Salome, Watlington, Oxfordshire, England, OX49 5LA.
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, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Other investments are included in the financial statements at market value at the balance sheet date. Realised and unrealised gains and losses are credited or debited to the income statement in the year in which they arise.
1.3
Cash and cash equivalents
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.
1.4
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
London & Metropolitan International (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
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.
1.6
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.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
Deferred tax assets are only recognised to the extent that, on the basis of all evidence, it can be regarded as more likely than not, that there will be sufficient taxable profits from which the future reversal of underlying timing differences can be deducted.
London & Metropolitan International (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the income statement for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil (2022 - nil).
3
Fixed asset investments
2023
2022
£
£
Investments in group undertakings
1,015,039
1,015,039
Other investments
877,575
1,558,377
1,892,614
2,573,416
Movements in fixed asset investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
1,015,039
1,558,377
2,573,416
Additions
-
573,151
573,151
Valuation changes
-
41,011
41,011
Loss on disposal
-
(25,143)
(25,143)
Disposals
-
(1,269,821)
(1,269,821)
At 31 December 2023
1,015,039
877,575
1,892,614
Carrying amount
At 31 December 2023
1,015,039
877,575
1,892,614
At 31 December 2022
1,015,039
1,558,377
2,573,416
London & Metropolitan International (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
London & Metropolitan Bloodstock Limited
as below
Racehorse breeding
Ordinary
100
London & Metropolitan International Limited
as below
Holding company
Ordinary
100
London & Metropolitan International Developments Limited
as below
Commercial property development and management
Ordinary
100
The registered address of all subsidiaries listed above is The Old Rectory, Britwell Salome, Watlington, Oxfordshire, England, OX49 5LA.
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
London & Metropolitan Bloodstock Limited
(183,955)
(118,649)
London & Metropolitan International Developments Limited
193,538
1,300,529
London & Metropolitan International Limited
-
515,039
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
559
528
Amounts owed by subsidiaries
2,207,632
2,092,280
Other debtors
637
1,890
2,208,828
2,094,698
London & Metropolitan International (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
885,537
1,086,658
Other creditors
8,442
10,170
893,979
1,096,828
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
689
689
69
69
Ordinary B shares of 10p each
587
587
59
59
1,276
1,276
128
128
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