REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MAY 2024 |
FOR |
METROCITY CONSULTANTS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserves | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Additions |
At 29 May 2024 |
NET BOOK VALUE |
At 29 May 2024 |
At 29 May 2023 |
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 |
Amounts owed by associates |
Other debtors |
Accrued income |
Prepayments |
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 |
Trade creditors |
Amounts owed to associates | 60,000 | 22,000 |
Tax |
VAT | 26,969 | 24,358 |
Other creditors |
Directors' loan accounts | 1,211,106 | 803,443 |
Deferred income |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
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 |
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 |
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 |
This was by virtue of their 100% holding of the issued share capital. |