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Financial Statements for the Year Ended 31 March 2022 |
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Metropolitan And City Properties Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2022 |
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for |
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Metropolitan And City Properties Limited |
Metropolitan And City Properties Limited (Registered number: 00685515) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Metropolitan And City Properties Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Business Advisors |
Statutory Auditor |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
Metropolitan And City Properties Limited (Registered number: 00685515) |
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Balance Sheet |
31 March 2022 |
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31/3/22 | 31/3/21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Fair value reserve |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Metropolitan And City Properties Limited (Registered number: 00685515) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Metropolitan And City Properties Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue recognition - sale of services |
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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. |
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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. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Metropolitan And City Properties Limited (Registered number: 00685515) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2021 - NIL). |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2021 |
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Disposals | ( |
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Revaluations | 45,000 |
At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Metropolitan And City Properties Limited (Registered number: 00685515) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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6. | INVESTMENT PROPERTY - continued |
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Fair value at 31 March 2022 is represented by: |
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Valuation in 2022 | 50,000 |
Cost | 26,041,000 |
26,091,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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31/3/22 | 31/3/21 |
£ | £ |
Cost | 26,041,000 | 28,041,000 |
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Investment property was valued on an open market basis on 10 December 2021 by Savills (UK) Limited, property agents . |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Bank loans |
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Other creditors |
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Metropolitan And City Properties Limited (Registered number: 00685515) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/3/22 | 31/3/21 |
£ | £ |
Bank loans |
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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. |
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11. | PROVISIONS FOR LIABILITIES |
31/3/22 | 31/3/21 |
£ | £ |
Deferred tax | 232,278 | 263,560 |
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Deferred |
tax |
£ |
Balance at 1 April 2021 |
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Credit to Income Statement during year | ( |
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Balance at 31 March 2022 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | RELATED PARTY DISCLOSURES |
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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. |
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14. | POST BALANCE SHEET EVENTS |
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On 31 May 2022 the company completed a bank refinancing with ICG Longbow, borrowing £19.4m for five yearsat a fixed rate of 5.786%, out of which the old ICG Longbow loan of £14.6m and a fellow-subsidiary company loan from Shawbrook Bank of £1.2m was repaid. The loan is secured against all the properties owned by Metropolitan and City Properties and a fellow subsidiary undertaking, Meronlake Limited. The loan is interest only for the first year. |
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On 15 June 2022 the company acquired 100% of the issued share capital of a fellow subsidiary undertaking Meronlake Limited, a company incorporated in England and Wales, from the company parent Avenue Investments Limited. This acquisition was at nominal value. |
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15. | IMMEDIATE CONTROLLING PARTY |
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The immediate controlling party is Avenue Investments Limited. |