Metropole Investment LLP - LLP accounts 20.1

REGISTERED NUMBER: OC333047 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Metropole Investment LLP

Page

General Information

1

Report of the Members

2

Chartered Certified Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

Ian Lipman

Susan Lipman

REGISTERED OFFICE:

114a Cromwell Road

Kensington

London

SW7 4AG

REGISTERED NUMBER:

OC333047 (England and Wales)

ACCOUNTANTS:

Pabs Consultancy Limited

Argyle House

Joel Street

Northwood Hills

Middlesex

HA6 1NW

The members present their report with the financial statements of the LLP for the year ended 31 March 2021.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of property investment.

DESIGNATED MEMBERS

The designated members during the year under review were:

Ian Lipman

Susan Lipman

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £82,754 (2020 - £77,011 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

ON BEHALF OF THE MEMBERS:

Ian Lipman - Designated member

5 November 2021

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Metropole Investment LLP for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of Metropole Investment LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Metropole Investment LLP and state those matters that we have agreed to state to the members of Metropole Investment LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Metropole Investment LLP 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 profit of Metropole Investment LLP. You consider that Metropole Investment LLP 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 Metropole Investment LLP. 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.

Pabs Consultancy Limited

Argyle House

Joel Street

Northwood Hills

Middlesex

HA6 1NW

5 November 2021

TURNOVER

106,775

107,789

Administrative expenses

5,419

8,147

OPERATING PROFIT

101,356

99,642

Interest receivable and similar income

4

33

101,360

99,675

Interest payable and similar expenses

18,606

22,664

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS

82,754

77,011

FIXED ASSETS

Investment property

5

2,050,000

CURRENT ASSETS

Debtors

6

11,990

4,795

Cash at bank

128,448

51,406

140,438

56,201

CREDITORS

Amounts falling due within one year

7

99,427

82,944

NET CURRENT ASSETS/(LIABILITIES)

41,011

(26,743

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,091,011

2,023,257

CREDITORS

Amounts falling due after more than one
year

8

582,500

597,500

NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,508,511

1,425,757

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

1,673,528

1,590,774

MEMBERS' OTHER INTERESTS

Revaluation reserve

11

(165,017

)

(165,017

)

1,508,511

1,425,757

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

1,673,528

1,590,774

Members' other interests

(165,017

)

(165,017

)

1,508,511

1,425,757

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2021.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 5 November 2021 and were signed by:

Ian Lipman - Designated member

Susan Lipman - Designated member

1.	STATUTORY INFORMATION

Metropole Investment LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

The turnover represents rent receivable during the year, exclusive of Value Added Tax.

Investment properties

Investment properties are shown at their fair value. The surplus or deficit arising from the annual revaluation is transferred to the profit and loss account.

Investment properties are held for their investment potential and not for use by the LLP and so their current value is of prime importance.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2020 - NIL).

4.	INFORMATION IN RELATION TO MEMBERS

2021

2020

The average number of members during the year was

2

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

2,050,000

NET BOOK VALUE

At 31 March 2021

2,050,000

At 31 March 2020

2,050,000

Investment properties owned by the LLP have been valued at £2,050,000 by the Members on an open market value basis. The historical cost of these properties is £2,215,017.

Fair value at 31 March 2021 is represented by:

£

Valuation in 2021

2,050,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Other debtors

11,990

4,795

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Bank loans and overdrafts

30,000

Trade creditors

12,000

Taxation and social security

22,314

18,012

Other creditors

35,113

22,932

99,427

82,944

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2021

2020

£

Bank loans

582,500

597,500

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

Bank loans

612,500

627,500

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to Members (other than Members capital) will rank parri-passu with other creditors.

11.

RESERVES

Revaluation

reserve

£

At 1 April 2020

and 31 March 2021

(165,017

)

12.	ULTIMATE CONTROLLING PARTY

The limited liability partnership is controlled by the Designated Members, Ian Lipman and Susan Lipman.