REGISTERED NUMBER: 02719089 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

FOR

METROPOLITAN & DISTRICT SECURITIES

LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

P A Baudet

G R Machan

D A Osborne

T G Robinson

SECRETARY:

Verite Secretaries Limited

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

02719089 (England and Wales)

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

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 & District Securities Limited for the year ended 30 April 2018 which comprise the

Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Metropolitan & District Securities Limited, as a body, in accordance with the terms of our engagement letter dated 17 January 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Metropolitan & District Securities Limited and state those matters that we have agreed to state to the Board of Directors of Metropolitan & District Securities Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metropolitan & District Securities Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Metropolitan & District Securities 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 & District Securities Limited. You consider that Metropolitan & District Securities 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 & District Securities 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.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

22 January 2019

CURRENT ASSETS

Stocks

3

3,020,000

3,000,000

Other debtors

4

253,590

1,739,682

Cash at bank

3,867

485,860

3,277,457

5,225,542

CREDITORS

Amounts falling due within one year

5

8,796,256

10,486,039

NET CURRENT LIABILITIES

(5,518,799

)

(5,260,497

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,518,799

)

(5,260,497

)

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(5,518,802

)

(5,260,500

)

SHAREHOLDERS' FUNDS

(5,518,799

)

(5,260,497

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 January 2019 and were signed on its behalf by:

P A Baudet - Director

D A Osborne - Director

1.	STATUTORY INFORMATION

Metropolitan & District Securities 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Stocks and work in progress

Long term work in progress represent direct costs incurred on the contracts. Provision is made for the full

amount of foreseeable losses on contract. Profit is recognised on long term contracts if the final outcome can be

assessed with reasonable certainty. No profit has been recognised to date.

Changes in accounting policy

3.

STOCKS

30/4/18

30/4/17

£

£

Long term work-in-progress

3,020,000

3,000,000

Long term work in progress represents all direct costs incurred to date in order to bring the site to a position

where the council planning consent has been met.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/18

30/4/17

£

£

Other debtors

253,590

1,739,682

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/18

30/4/17

£

£

Amounts owed to group undertakings

8,540,402

9,445,011

Taxation and social security

-

1,035,355

Other creditors

255,854

5,673

8,796,256

10,486,039

6.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, per clause 33.1A 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.

7.	PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Leeds Properties Limited, a company incorporated in Jersey. The

ultimate controlling party is Leeds Properties Limited.