Limited Liability Partnership Registration No. OC360955 (England and Wales)
METRO SRM LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
METRO SRM LLP
CONTENTS
Page
LLP Information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
METRO SRM LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Metro Safety Group Limited
Metro Inspection Services Limited
Limited liability partnership number
OC360955
Registered office
3rd Floor
8 Boundary Row
London
SE1 8HP
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
SW1Y 4BP
METRO SRM LLP
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,000
1,000
Current assets
Debtors
5
884,176
658,142
Cash at bank and in hand
41
76
884,217
658,218
Creditors: amounts falling due within one year
6
(268,029)
(311,300)
Net current assets
616,188
346,918
Total assets less current liabilities
617,188
347,918
Represented by:
Loans and other debts due to members within one year
Other amounts
1,129,271
1,002,060
Members' other interests
Other reserves classified as equity
(512,083)
(654,142)
617,188
347,918
Total members' interests
Loans and other debts due to members
1,129,271
1,002,060
Members' other interests
(512,083)
(654,142)
617,188
347,918
METRO SRM LLP
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 27 September 2024 and are signed on their behalf by:
27 September 2024
Metro Safety Group Limited
Designated member
Limited Liability Partnership Registration No. OC360955
The notes on pages 4 to 9 form part of these financial statements
METRO SRM LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Metro SRM LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, 8 Boundary Row, London, United Kingdom, SE1 8HP.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together 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 limited liability partnerships subject to the small limited liability partnerships' 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 limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The limited liability partnership has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the limited liability partnership as an individual entity and not about its group.

1.2
Going concern

As set out in the statement of members' responsibilities statement on page 3, in preparing these financial statements the members are required to prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. In satisfaction of this responsibility the members have prepared forecasts and considered their expectations for the LLP over the next 12 months and the LLP’s ability to meet its liabilities as they fall due, based upon the information available at the date of these financial statements.

1.3
Revenue recognition

Turnover comprises of revenue in respect services supplied, exclusive of Value Added Tax and trade discounts.

 

Turnover represents services performed for external customers and is recognised on a project by project basis as activity progresses to reflect the LLP's partial performance of its contractual obligations.

 

Where the company invoices its customers for services to be provided in future periods, then this revenue is accounted for as deferred income within creditors.

METRO SRM LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
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 limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's Balance Sheet when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

METRO SRM LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial assets

Basic financial assets, which include debtors 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 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.

Impairment of financial assets

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 impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

METRO SRM LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 7 -
1.9
Retirement benefits and post retirement payments to members

The LLP operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the LLP. The annual contributions payable are charged to the profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the members there are no significant judgements or areas of estimation uncertainty.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
21
16
4
Fixed asset investments
2024
2023
£
£
Investments
1,000
1,000

The LLP holds 100% of the issued share capital of Strategic Risk Management (Asbestos) Limited, a company incorporated in England and Wales.

METRO SRM LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
4
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 February 2023 & 31 January 2024
1,000
Carrying amount
At 31 January 2024
1,000
At 31 January 2023
1,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
506,836
416,457
Prepayments and accrued income
377,340
241,685
884,176
658,142
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,189
20,507
Other taxation and social security
165,340
250,676
Other creditors
48,361
5,995
Accruals and deferred income
45,139
34,122
268,029
311,300
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

METRO SRM LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
8
Financial commitments, guarantees and contingent liabilities

A cross party guarantee exists between the LLP and other group companies whereby the LLP's assets are held as security against the secured debts in other group companies. At the balance sheet date, the total of those companies' secured debts amounted to £841,904. No losses are expected to arise as a result of this guarantee.

9
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
21,531
15,910
10
Parent company

The ultimate parent undertaking and controlling party is Metro Safety Group Limited, a company incorporated in England and Wales.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Philip Clark FCCA
Statutory Auditor:
TC Group
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