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2024-08-31
COMPANY REGISTRATION NUMBER:
02842385
|
Metropolitan Homes Limited |
|
|
Filleted Unaudited Financial Statements |
|
|
Metropolitan Homes Limited |
|
Year ended 31 August 2024
|
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
|
Statement of financial position |
2 to 3 |
|
|
|
Notes to the financial statements |
4 to 10 |
|
|
|
Metropolitan Homes Limited |
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Metropolitan Homes Limited |
|
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Metropolitan Homes Limited for the year ended 31 August 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Metropolitan Homes Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Metropolitan Homes Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metropolitan Homes Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Metropolitan Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Metropolitan Homes Limited. You consider that Metropolitan Homes Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Metropolitan Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES
Chartered accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
26 June 2025
|
Metropolitan Homes Limited |
|
|
Statement of Financial Position |
|
31 August 2024
Fixed assets
|
Tangible assets |
5 |
5,684,408 |
5,696,219 |
|
Investments |
6 |
7,002 |
7,002 |
|
------------ |
------------ |
|
5,691,410 |
5,703,221 |
|
|
|
|
Current assets
|
Stocks |
1,264,542 |
1,228,871 |
|
Debtors |
7 |
62,144 |
96,674 |
|
Cash at bank and in hand |
31,619 |
166,846 |
|
------------ |
------------ |
|
1,358,305 |
1,492,391 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
3,231,974 |
3,304,194 |
|
------------ |
------------ |
|
Net current liabilities |
1,873,669 |
1,811,803 |
|
------------ |
------------ |
|
Total assets less current liabilities |
3,817,741 |
3,891,418 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
368,300 |
424,870 |
|
------------ |
------------ |
|
Net assets |
3,449,441 |
3,466,548 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
2 |
2 |
|
Profit and loss account |
3,449,439 |
3,466,546 |
|
------------ |
------------ |
|
Shareholders funds |
3,449,441 |
3,466,548 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Metropolitan Homes Limited |
|
|
Statement of Financial Position (continued) |
|
31 August 2024
These financial statements were approved by the
board of directors
and authorised for issue on
25 June 2025
, and are signed on behalf of the board by:
Company registration number:
02842385
|
Metropolitan Homes Limited |
|
|
Notes to the Financial Statements |
|
Year ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Stewart Road, Sheffield, S11 8XS.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable from sale of properties, charges for construction works and rents receivable provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Income tax
The taxation expense represents the sum of the tax currently payable. The taxation currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. No provision for deferred tax has been made in these accounts.
Tangible assets
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase costs and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Depreciation
Depreciation is not charged on the integral fixtures and fittings within the property assets as separately classified.
Depreciation is otherwise calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures, fittings and equipment |
- |
25% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
The gain or loss arising from the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, as is credited or charged to the profit and loss account.
Investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which the case the reversal of the impairment loss is treated as a revaluation increase.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 and all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors and loans, are initially recognised at transaction price unless the arrangement constitutes ad financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 rate method.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
5
).
5.
Tangible assets
|
Investment property |
Fixtures, fittings and equipment |
Motor vehicles |
Integral fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
|
At 1 September 2023 |
5,648,976 |
4,192 |
115,902 |
– |
5,769,070 |
|
Transfers |
(
150,000) |
– |
– |
150,000 |
– |
|
------------ |
------- |
--------- |
--------- |
------------ |
|
At 31 August 2024 |
5,498,976 |
4,192 |
115,902 |
150,000 |
5,769,070 |
|
------------ |
------- |
--------- |
--------- |
------------ |
|
Depreciation |
|
|
|
|
|
|
At 1 September 2023 |
– |
2,424 |
70,427 |
– |
72,851 |
|
Charge for the year |
– |
442 |
11,369 |
– |
11,811 |
|
------------ |
------- |
--------- |
--------- |
------------ |
|
At 31 August 2024 |
– |
2,866 |
81,796 |
– |
84,662 |
|
------------ |
------- |
--------- |
--------- |
------------ |
|
Carrying amount |
|
|
|
|
|
|
At 31 August 2024 |
5,498,976 |
1,326 |
34,106 |
150,000 |
5,684,408 |
|
------------ |
------- |
--------- |
--------- |
------------ |
|
At 31 August 2023 |
5,648,976 |
1,768 |
45,475 |
– |
5,696,219 |
|
------------ |
------- |
--------- |
--------- |
------------ |
|
|
|
|
|
|
Investment properties are held at cost which the directors believe is equal to fair value by reference to market evidence of transactional activity in the market for similar properties.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles |
|
£ |
|
At 31 August 2024 |
19,715 |
|
-------- |
|
At 31 August 2023 |
26,289 |
|
-------- |
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
|
Cost |
|
|
At 1 September 2023 and 31 August 2024 |
7,002 |
|
------- |
|
Impairment |
|
|
At 1 September 2023 and 31 August 2024 |
– |
|
------- |
|
|
|
Carrying amount |
|
|
At 31 August 2024 |
7,002 |
|
------- |
|
At 31 August 2023 |
7,002 |
|
------- |
|
|
Fixed asset investments are held at cost.
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
48,135 |
53,465 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
3,554 |
3,554 |
|
Other debtors |
10,455 |
39,655 |
|
-------- |
-------- |
|
62,144 |
96,674 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
3,029,873 |
3,162,526 |
|
Trade creditors |
52,165 |
35,901 |
|
Corporation tax |
– |
2,945 |
|
Social security and other taxes |
21,809 |
31,490 |
|
Other creditors |
128,127 |
71,332 |
|
------------ |
------------ |
|
3,231,974 |
3,304,194 |
|
------------ |
------------ |
|
|
|
The bank loans and overdrafts are secured on the company's investment properties. Included within other creditors are hire purchase contracts amounting to £7,887 (2023: £7,887). The amounts are secured against the assets to which they relate.
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
7,168 |
7,168 |
|
Other creditors |
361,132 |
417,702 |
|
--------- |
--------- |
|
368,300 |
424,870 |
|
--------- |
--------- |
|
|
|
Included within other creditors are hire purchase contracts amounting to £7,536 (2023: £15,805). The amounts are secured against the assets to which they relate.
10.
Related party transactions
Included within debtors at the year end date are loan amounts owed to
Metropolitan Homes Limited
by a subsidiary company, in the sum of £3,554 (2023: £3,554). The loan is not subject to any formal repayment terms and neither is any interest chargeable. Included within debtors at the year end date are loan amounts owed to Metropolitan Homes Limited
by a related party, in the sum of £4,428 (2023: £39,595). The companies are related by virtue of both parties being controlled by close family members, and Mr M D Flowers
is a director in both companies. The loan is not subject to any formal repayment terms and neither is any interest chargeable. Included within creditors at the year end date are loan amounts owed by Metropolitan Homes Limited
to a subsidiary company, in the sum of £7,168 (2023: £7,168). The loan is not subject to any formal repayment terms and neither is any interest chargeable. Included within creditors at the year end date is a balance of £50,000 owing to a related party, which loan is not subject to formal repayment terms and with no interest obligations arising.
11.
Controlling party
The ultimate controlling parties are
Mr M D Flowers
and Mrs W M Flowers.