Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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1 | 1 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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740,865 | 743,338 | |||
Creditors: amounts falling due within one year | 5 | (
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(
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Net current assets | 65,111 | 67,368 | ||
Total assets less current liabilities | 65,112 | 67,369 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | 100 | 100 | ||
Other amounts | 7 | 105,127 | 103,793 | |
105,227 | 103,893 | |||
Members' other interests | ||||
Other reserves | (40,115) | (36,524) | ||
(40,115) | (36,524) | |||
65,112 | 67,369 | |||
Total members' interests | ||||
Amounts due from members (included in debtors) | (740,344) | (743,010) | ||
Loans and other debts due to members | 105,227 | 103,893 | ||
Members' other interests | (40,115) | (36,524) | ||
(675,232) | (675,641) |
Members' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of MET Property Finance LLP (registered number:
M P Jacobs
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
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Other reserves | Members' capital (classified as debt) | Other amounts | Total | Total | |
£ | £ | £ | £ | £ | |
Amounts due to members | 100 | 102,627 | 102,727 | ||
Amounts due from members | (745,344) | (745,344) | |||
Balance at 01 July 2022 | (32,075) | 100 | (642,717) | (642,617) | (674,692) |
Loss for the financial year available for discretionary division among members | (4,449) | 0 | 0 | 0 | (4,449) |
Members' interest after loss for the financial year | (36,524) | 100 | (642,717) | (642,617) | (679,141) |
Introduced by members | 0 | 0 | 3,500 | 3,500 | 3,500 |
Amounts due to members | 100 | 103,793 | 103,893 | ||
Amounts due from members | (743,010) | (743,010) | |||
Balance at 30 June 2023 | (36,524) | 100 | (639,217) | (639,117) | (675,641) |
Loss for the financial year available for discretionary division among members | (3,591) | 0 | 0 | 0 | (3,591) |
Members' interest after loss for the financial year | (40,115) | 100 | (639,217) | (639,117) | (679,232) |
Introduced by members | 0 | 0 | 4,000 | 4,000 | 4,000 |
Amounts due to members | 100 | 105,127 | 105,227 | ||
Amounts due from members | (740,344) | (740,344) | |||
Balance at 30 June 2024 | (40,115) | 100 | (635,217) | (635,117) | (675,232) |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
MET Property Finance LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2021).
The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.
Group accounts exemption s399
The LLP 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 LLP as an individual entity and not about its group.
Investments in subsidiaries are measured at cost less accumulated impairment.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
The LLP only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and amounts owed to and from members and related parties.
Financial assets
Basic financial assets, including other debtors and amounts due members, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including other creditors and accruals and amounts owed to members, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Profits are shared among the members in accordance with agreed profit sharing arrangements.
2024 | 2023 | ||
Number | Number | ||
Average number of members during the financial year | 9 | 9 |
No amounts were paid to the members under the terms of the LLP agreement (2023: £Nil)
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 July 2023 |
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At 30 June 2024 |
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Carrying value at 30 June 2024 |
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Carrying value at 30 June 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.06.2024 |
Ownership 30.06.2023 |
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35 Ballards Lane, London, N3 1XW | Management of real estate on a fee or contract basis |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed by members |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals |
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Other creditors |
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Included within other creditors is a balance of £672,489 (2023: £672,489) owed to a subsidiary. This balance is unsecured and interest-free with no fixed repayment terms.
2024 | 2023 | ||
£ | £ | ||
Members' capital treated as debt | 100 | 100 | |
Other amounts due to members | 105,127 | 103,793 | |
105,227 | 103,893 |
Loans and other debts due to members may be further analysed as follows:
2024 | 2023 | ||
£ | £ | ||
Falling due within one year | 105,127 | 103,793 |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.