| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Metropolis Entertainment Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Metropolis Entertainment Limited |
| Metropolis Entertainment Limited (Registered number: 06389694) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Metropolis Entertainment Limited |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Delmon House |
| 36-38 Church Road |
| Burgess Hill |
| West Sussex |
| RH15 9AE |
| BANKERS: |
| 1 Corn Market |
| High Wycombe |
| Buckinghamshire |
| HP11 2AY |
| Metropolis Entertainment Limited (Registered number: 06389694) |
| Statement of Financial Position |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges her 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. |
| Metropolis Entertainment Limited (Registered number: 06389694) |
| Statement of Financial Position - continued |
| 31 October 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Metropolis Entertainment Limited (Registered number: 06389694) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Metropolis Entertainment Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Other intangibles |
| Other intangible assets relate to the expertise and branding purchased in connection with purchasing the business in 2007. Since 2016, other intangible assets are being amortised over their remaining estimated useful life of 10 years. |
| Development costs |
| Development costs are costs directly attributable to bringing simulators into use and are capitalised when the simulators are licensed for use over a term of more than one year. Development costs are shown at historical cost less amortisation. Amortisation is charged to the profit and loss account in proportion to the revenue receivable over their useful lives. The useful lives of the projects are determined by reference to the underlying contracts which license their use. Useful lives range from 4 to 11 years. Residual value cannot be estimated as there is no commitment to purchase and no active market for re-sale and therefore residual value is presumed to be nil. |
| Tangible fixed assets |
| Simulator Equipment | - |
| Plant and machinery | - |
| Computer equipment | - |
| 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 statement of financial position date. |
| Metropolis Entertainment Limited (Registered number: 06389694) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The company shows a net liabilities position and has made losses in recent years. To continue as a going concern, the company has relied on support from the ultimate controlling party. The support from the ultimate controlling party has been provided in the form of not drawing on the director's loan and also deferring the collection of interest payments. |
| The ultimate controlling party, which is now the estate of the former director, have indicated that they will continue to support the company in these ways until the company is in a better financial position. |
| These financial statements are therefore prepared on a going concern basis as the ultimate controlling party have confirmed ongoing support for a period of at least 12 months following the date of the accountant's report. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Metropolis Entertainment Limited (Registered number: 06389694) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| Intangible | Development |
| Assets | costs | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| Amortisation for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Simulator | Plant and | Computer |
| Equipment | machinery | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Metropolis Entertainment Limited (Registered number: 06389694) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Other creditors |
| 9. | RELATED PARTY DISCLOSURES |
| As at the balance sheet date a loan of £1,820,000 (2023 - £1,820,000) is owed to the estate of Mr M J Hunt, the ultimate controlling party. Interest of £131,165 (2023 - £152,057) has been charged on the loan during the year. £425,311 (2023 - £320,380) of interest was unpaid by the company as at the balance sheet date. Interest is charged at a market rate. |
| East Sussex National Ltd, a company related via common control, has re-charged expenses of £3,363 (2023 - £4,283) including £990 (2023 - £3,357) included in accrued expenses at the balance sheet date. |
| Swynson Ltd , a company related via common control, has charged £11,000 during the year (2023 - £11,000). £1,100 is owing to Swynson at the balance sheet date (2023 - £31,350). |
| Corporate Administration Management Ltd, a company related via common control, has re-charged expenses of £4,473 ( 2023 - £4,334), of which, £1,276 was included in creditors at the balance sheet date (2023 - £372). |
| 10. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is considered to be the estate of Mr M J Hunt (deceased). |