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Registered number: 09067790

Commercial Finance Practice Limited

ACCOUNTS
FOR THE YEAR ENDED 30/06/2022

Prepared By:
IUVO Services Limited
Chartered Accountants
10 The Crescent
Little Leighs
Chelmsford
Essex
CM3 1LY

Commercial Finance Practice Limited

ACCOUNTS
FOR THE YEAR ENDED 30/06/2022
DIRECTORS
James Pearce
B A Welch
N D Wood
REGISTERED OFFICE
50 Jermyn Street
London
SW1Y 6LX
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 09067790
ACCOUNTANTS
IUVO Services Limited
Chartered Accountants
10 The Crescent
Little Leighs
Chelmsford
Essex
CM3 1LY

Commercial Finance Practice Limited

ACCOUNTS
FOR THEYEARENDED30/06/2022
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

Commercial Finance Practice Limited

BALANCE SHEET AT 30/06/2022
20222021
Notes££
CURRENT ASSETS
Current Asset Investments3-180,000
Cash at bank and in hand16,41715,472
16,417195,472
CREDITORS: Amounts falling due within one year43,97496,187
NET CURRENT ASSETS12,44399,285
TOTAL ASSETS LESS CURRENT LIABILITIES12,44399,285
CREDITORS: Amounts falling due after more than one year5-54,870
NET ASSETS12,44344,415
CAPITAL AND RESERVES
Called up share capital633
Profit and loss account12,44044,412
SHAREHOLDERS' FUNDS12,44344,415
For the year ending 30/06/2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 28/07/2022 and signed on their behalf by
.............................
James Pearce
Director

Commercial Finance Practice Limited

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30/06/2022
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
2. EMPLOYEES
20222021
No.No.
Average number of employees--
3. CURRENT ASSET INVESTMENTS
20222021
££
Other investments-180,000
-180,000
The company invests in land projects where planning permission is being sought. One such investment held at a cost of £180,000 has failed to obtain the required permission and as a result the freehold will not now be acquired. The costs are irrecoverable and this has been written off to the profit and loss account in this period.
4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20222021
££
Directors current account-52,089
Trade creditors1,974-
Other creditors-42,098
Accruals2,0002,000
3,97496,187
5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20222021
££
Other creditors > 1yr-54,870
-54,870

Commercial Finance Practice Limited

6. SHARE CAPITAL 20222021
££
Allotted, issued and fully paid:
3 Ordinary shares of £1 each33
33
7. CONTROLLING PARTY
The company is controlled by its directors, N D Wood, J F Pearce and B A Welch.
8. RELATED PARTY TRANSACTIONS
At the previous balance sheet date the company owed N D Wood £6,717, B A Welch £45,372 and MAPS Financial Services Limited, a company controlled by J F Pearce £19,385. During this period N D Wood introduced futher funds totalling £17,076. Futhermore the directors have taken personal responsibility for a third party debt the company owed totalling in the accounts £56,373. The company has thus been released from this debt. The total debt due to the directors and their resective Companies thus became £144,923. The directors have relieved the company from liability for this debt and hence there is a credit to the profit and loss account of this amount in this year. In this way the directors have sought to maintain the solvency of the company and allow it to continue to trade in the future.