Registered No. OC311538 (England and Wales)
Metropolitan Workshop LLP
Unaudited accounts
for the year ended 31 March 2025
Metropolitan Workshop LLP
LLP Information
for the year ended 31 March 2025
Designated members
Mr Neil Deely
Registered Number
OC311538 (England and Wales)
Registered Office
Metropolitan Workshop
14-16 Cowcross Street
London
EC1M 6DG
England
Accountants
'Evolve Accounting and Tax Solutions Ltd'
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Metropolitan Workshop LLP
Statement of financial position
as at 31 March 2025
Tangible assets
17,005
20,378
Debtors
1,500,514
1,415,424
Cash at bank and in hand
257,561
287,088
Creditors: amounts falling due within one year
(1,107,661)
(1,222,895)
Net current assets
650,414
479,617
Total assets less current liabilities
667,419
499,995
Creditors: amounts falling due after more than one year
(12,500)
(62,500)
Net assets attributable to members
654,919
437,495
Loans and other debts due to members
544,919
327,495
Members' capital classified as equity
110,000
110,000
Loans and other debts due to members
544,919
327,495
Members' other interests
110,000
110,000
For the year ending 31 March 2025 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 23 December 2025.
Mr Neil Deely
Designated member
Limited Liability Partnership Registration No. OC311538
Metropolitan Workshop LLP
Notes to the Accounts
for the year ended 31 March 2025
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
The accounts are presented in £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover arising from the provision of architectural design services is assessed on a contract by contract basis and reflected in the Statement of comprehensive income by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value which contract costs to date bear to total expected contract costs.
Operating Leases: the LLP as lessee
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in the profit or loss using the effective interest method.
The amount recoverable on each long term contract is valued at cost plus estimated profit earned, based on stage of completion , less any provision for known or anticipated losses and progress payments received and receivable.
The amount by which recorded turnover is in excess of progress payments received and receivable is classified as amounts recoverable on contracts and separately disclosed in debtors.
The taxation payable on profits is the personal liability of the members during the period.
All borrowing costs are recognised in profit and loss in the year in which they are incurred.
Metropolitan Workshop LLP
Notes to the Accounts
for the year ended 31 March 2025
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accrual as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The LLP adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost incurred, if the replacement part is expected to provide incremental future benefits to the LLP. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in they are incurred.
Depreciation is provided on the following basis:
Land & buildings
33.33% Straight Line
Fixtures & fittings
33.33% Straight Line
Computer equipment
33.33% Straight Line
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors
Metropolitan Workshop LLP is a limited liability partnership, incorporated in England and Wales, registration number OC311538. Its registered office is Metropolitan Workshop, 14-16 Cowcross Street, London, EC1M 6DG, England.
3
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2024
17,377
79,667
189,416
286,460
Additions
-
1,158
8,716
9,874
At 31 March 2025
17,377
80,825
198,132
296,334
At 1 April 2024
6,317
77,654
182,111
266,082
Charge for the year
4,542
1,543
7,162
13,247
At 31 March 2025
10,859
79,197
189,273
279,329
At 31 March 2025
6,518
1,628
8,859
17,005
At 31 March 2024
11,060
2,013
7,305
20,378
Metropolitan Workshop LLP
Notes to the Accounts
for the year ended 31 March 2025
4
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
50,000
50,000
Trade creditors
203,607
394,034
Taxes and social security costs
229,180
333,969
Other creditors
605,677
401,978
5
Creditors: amounts falling due after more than one year
2025
2024
6
Loans and other debts due to members
2025
2024
Amounts due to members in respect of profits
544,919
327,495
Amounts falling due within one year
544,919
327,495
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £25,504 (2024 - £23,210). At 31 March 2025, £8,331 (2024 - £10,591) was due to the fund and is included within other creditors.
8
Average number of employees
During the year the average number of employees was 27 (2024: 35).