REGISTERED NUMBER: 00685515 (England and Wales)

Financial Statements for the Year Ended 31 March 2025

for

Metropolitan And City Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M R Gottlieb

Mr C H Gottlieb

Mr I B Abrams

REGISTERED OFFICE:

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

REGISTERED NUMBER:

00685515 (England and Wales)

AUDITORS:

Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

FIXED ASSETS

Tangible assets

5

1,243

1,462

Investments

6

1

1

Investment property

7

23,831,000

23,941,000

23,832,244

23,942,463

CURRENT ASSETS

Debtors

8

2,108,980

1,970,901

Cash at bank

389,244

331,759

2,498,224

2,302,660

CREDITORS

Amounts falling due within one year

9

1,359,032

1,093,503

NET CURRENT ASSETS

1,139,192

1,209,157

TOTAL ASSETS LESS CURRENT LIABILITIES

24,971,436

25,151,620

CREDITORS

Amounts falling due after more than one year

10

(15,820,181

)

(16,198,052

)

PROVISIONS FOR LIABILITIES

12

(261,738

)

(256,183

)

NET ASSETS

8,889,517

8,697,385

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Capital redemption reserve

16,202

16,202

Fair value reserve

401,250

386,250

Retained earnings

8,372,065

8,194,933

8,889,517

8,697,385

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

Mr C H Gottlieb - Director

1.	STATUTORY INFORMATION

Metropolitan And City Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Revenue recognition - sale of services

Turnover is recognised when significant risks and rewards of provision of the service have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income, service charge income and other related income are recognised on provision of the service to to the customer, which is considered the period over which the service is provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

15% reducing balance method

Computer equipment

-

15% reducing balance method

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.

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.

The company only enters into basic financial instrument transactions.

Basic financial assets

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 assets are derecognised when:

- the contractual right to cash flows from the asset are settled or expire,

- substantially all the risk and rewards of the ownership of the asset are transferred to another party or

- despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

Classification of financial liabilities

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

Basic financial liabilities, including creditors and any bank loans, 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 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 method.

Financial liabilities are derecognised when the liability is discharged, cancelled or expires.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

34,836

3,294

38,130

DEPRECIATION

At 1 April 2024

33,909

2,759

36,668

Charge for year

139

80

219

At 31 March 2025

34,048

2,839

36,887

NET BOOK VALUE

At 31 March 2025

788

455

1,243

At 31 March 2024

927

535

1,462

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 April 2024

and 31 March 2025

1

NET BOOK VALUE

At 31 March 2025

1

At 31 March 2024

1

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

23,941,000

Revaluations

(110,000

)

At 31 March 2025

23,831,000

NET BOOK VALUE

At 31 March 2025

23,831,000

At 31 March 2024

23,941,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2025

(110,000

)

Valuation in 2024

(1,625,900

)

Valuation in 2023

(524,100

)

Valuation in 2022

50,000

Cost

26,041,000

23,831,000

If investment property had not been revalued it would have been included at the following historical cost:

31/3/25

31/3/24

£

£

Cost

26,041,000

26,041,000

Investment property was valued on an open market basis on 1 April 2025 by Savills (UK) Limited, property agents .

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

56,455

47,592

Amounts owed by group undertakings

1,913,106

1,763,236

Other debtors

139,419

160,073

2,108,980

1,970,901

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Bank loans and overdrafts

423,170

424,524

Trade creditors

59,473

24,950

Amounts owed to group undertakings

242,424

-

Taxation and social security

71,889

69,866

Other creditors

562,076

574,163

1,359,032

1,093,503

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

31/3/24

£

£

Bank loans

15,703,608

16,076,804

Other creditors

116,573

121,248

15,820,181

16,198,052

11.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/25

31/3/24

£

£

Bank loans

16,103,608

16,476,804

Bank loans and mortgages are secured by fixed charges on the investment properties and floating charges on the other company assets of the company dated 7 April 2017 and 31 May 2022.

The loan facilities are due for review and renewal on 15 April 2027.

12.	PROVISIONS FOR LIABILITIES

31/3/25

31/3/24

£

£

Deferred tax

261,738

256,183

Deferred

tax

£

Balance at 1 April 2024

256,183

Charge to Income Statement during year

5,555

Balance at 31 March 2025

261,738

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Hill FCA (Senior Statutory Auditor)

for and on behalf of Cartwrights

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15.	IMMEDIATE CONTROLLING PARTY

The immediate controlling party is Avenue Investments Limited.

There is no ultimate controlling party.