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REGISTERED NUMBER: 03408276 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MAY 2024

FOR

METROCITY CONSULTANTS LIMITED

METROCITY CONSULTANTS LIMITED (REGISTERED NUMBER: 03408276)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


METROCITY CONSULTANTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 MAY 2024







DIRECTORS: D F Boon
L J Boon





SECRETARY: L J Boon





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 03408276 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

METROCITY CONSULTANTS LIMITED (REGISTERED NUMBER: 03408276)

BALANCE SHEET
29 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 13,014,950 10,710,173

CURRENT ASSETS
Debtors 5 592,110 614,711
Cash at bank 3,122 6,397
595,232 621,108
CREDITORS
Amounts falling due within one year 6 3,674,690 1,399,584
NET CURRENT LIABILITIES (3,079,458 ) (778,476 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,935,492

9,931,697

CREDITORS
Amounts falling due after more than one
year

7

3,770,697

3,928,484
NET ASSETS 6,164,795 6,003,213

CAPITAL AND RESERVES
Called up share capital 6 6
Non-distributable reserves 9 1,140,998 1,140,998
Retained earnings 5,023,791 4,862,209
SHAREHOLDERS' FUNDS 6,164,795 6,003,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2025 and were signed on its behalf by:





D F Boon - Director


METROCITY CONSULTANTS LIMITED (REGISTERED NUMBER: 03408276)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MAY 2024

1. STATUTORY INFORMATION

Metrocity Consultants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 30 May 2023 10,710,173
Additions 2,304,777
At 29 May 2024 13,014,950
NET BOOK VALUE
At 29 May 2024 13,014,950
At 29 May 2023 10,710,173

The directors consider the value of the property presented in the accounts to be a fair market value of the property.

Fair value at 29 May 2024 is represented by:
£   
Valuation in 22 1,140,998
Valuation in 23 9,569,175
Valuation in 24 2,304,777
13,014,950

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 42,300 57,999
Amounts owed by associates 499,444 499,444
Other debtors 34,697 39,698
Accrued income 12,713 -
Prepayments 2,956 17,570
592,110 614,711

METROCITY CONSULTANTS LIMITED (REGISTERED NUMBER: 03408276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,511,751 297,754
Trade creditors 501,001 3,256
Amounts owed to associates 60,000 22,000
Tax 49,353 81,015
VAT 26,969 24,358
Other creditors 127,175 11,800
Directors' loan accounts 1,211,106 803,443
Deferred income 146,351 145,558
Accrued expenses 40,984 10,400
3,674,690 1,399,584

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 297,751 297,754
Bank loans - 2-5 years 893,253 893,262
Bank loans more 5 yr by instal 2,579,693 2,737,468
3,770,697 3,928,484

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,579,693 2,737,468

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 5,282,448 4,226,238

Lloyds TSB have secured their loans with fixed charges upon the individual investment properties held by Metrocity Consultants Limited.

9. RESERVES
Non-distribut
reserves
£   
At 30 May 2023
and 29 May 2024 1,140,998

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, D F Boon increased his loan to the company. As at 29 May 2024, the company owed him £822,037 (2023: £535,277).

During the year, L J Boon's increased his loan to the company. As at 29 May 2024, the company owed him £389,069 (2023: £268,166).

These balances represented the maximum amounts outstanding during the year and these loans are interest free and repayable on demand.

METROCITY CONSULTANTS LIMITED (REGISTERED NUMBER: 03408276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 MAY 2024

11. RELATED PARTY DISCLOSURES

As at the year end, there was £499,444 owed to Metrocity Consultants Limited from Benfield Investments Limited. All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.


As at the year end, there was £60,000 owed to Fizz Creations Limited from Metrocity Consultants Limited. All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D F Boon, L J Boon and P R Boon.

This was by virtue of their 100% holding of the issued share capital.