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REGISTERED NUMBER: 12505549 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 July 2024

for

M.E.T. Properties Limited

M.E.T. Properties Limited (Registered number: 12505549)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M.E.T. Properties Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: I M Thrush





REGISTERED OFFICE: Unit 1b Focus Four
Fourth Avenue
Letchworth
Hertfordshire
SG6 2TU





REGISTERED NUMBER: 12505549 (England and Wales)





ACCOUNTANTS: George Hay Partnership LLP
Chartered Accountants
Unit 1B
Focus 4
Fourth Avenue
Letchworth
Hertfordshire
SG6 2TU

M.E.T. Properties Limited (Registered number: 12505549)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 3 1 1
Investment property 4 2,190,000 1,804,462
2,190,001 1,804,463

CURRENT ASSETS
Debtors 5 - 26,388
Cash at bank 71 9,071
71 35,459
CREDITORS
Amounts falling due within one year 6 361,662 1,123,793
NET CURRENT LIABILITIES (361,591 ) (1,088,334 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,828,410

716,129

CREDITORS
Amounts falling due after more than one
year

7

(651,339

)

(675,363

)

PROVISIONS FOR LIABILITIES (41,754 ) -
NET ASSETS 1,135,317 40,766

CAPITAL AND RESERVES
Called up share capital 101 101
Revaluation reserve 8 125,261 -
Retained earnings 1,009,955 40,665
1,135,317 40,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

M.E.T. Properties Limited (Registered number: 12505549)

Balance Sheet - continued
31 July 2024


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 director and authorised for issue on 12 November 2024 and were signed by:





I M Thrush - Director


M.E.T. Properties Limited (Registered number: 12505549)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2. EMPLOYEES AND DIRECTORS

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

3. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 1
NET BOOK VALUE
At 31 July 2024 1
At 31 July 2023 1

M.E.T. Properties Limited (Registered number: 12505549)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 1,804,462
Additions 218,523
Revaluations 167,015
At 31 July 2024 2,190,000
NET BOOK VALUE
At 31 July 2024 2,190,000
At 31 July 2023 1,804,462

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2024 167,015
Cost 2,022,985
2,190,000

Investment property was valued on an open market basis on 31 July 2024 by the Director. .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 26,388

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 23,428 22,832
Amounts owed to group undertakings 188,736 842,062
Other creditors 149,498 258,899
361,662 1,123,793

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 651,339 675,363

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 553,300 579,816
553,300 579,816

M.E.T. Properties Limited (Registered number: 12505549)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. RESERVES
Revaluation
reserve
£   
Transfer to reserves 125,261

At 31 July 2024 125,261