0 27 December 2023 false false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06744123 2022-05-01 2023-04-30 06744123 2023-04-30 06744123 2022-04-30 06744123 2021-05-01 2022-04-30 06744123 2022-04-30 06744123 2021-04-30 06744123 bus:Director1 2022-05-01 2023-04-30 06744123 core:WithinOneYear 2023-04-30 06744123 core:WithinOneYear 2022-04-30 06744123 core:ShareCapital 2023-04-30 06744123 core:ShareCapital 2022-04-30 06744123 core:RetainedEarningsAccumulatedLosses 2023-04-30 06744123 core:RetainedEarningsAccumulatedLosses 2022-04-30 06744123 bus:SmallEntities 2022-05-01 2023-04-30 06744123 bus:Audited 2022-05-01 2023-04-30 06744123 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 06744123 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 06744123 bus:FullAccounts 2022-05-01 2023-04-30 06744123 1 2022-05-01 2023-04-30
COMPANY REGISTRATION NUMBER: 06744123
Think Commercial Property Limited
Filleted Financial Statements
30 April 2023
Think Commercial Property Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
7,202,087
7,190,614
Cash at bank and in hand
16,794
8,085
------------
------------
7,218,881
7,198,699
Creditors: amounts falling due within one year
5
7,588,128
6,897,169
------------
------------
Net current (liabilities)/assets
( 369,247)
301,530
---------
---------
Total assets less current liabilities
( 369,247)
301,530
---------
---------
Net (liabilities)/assets
( 369,247)
301,530
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 369,249)
301,528
---------
---------
Shareholders (deficit)/funds
( 369,247)
301,530
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 27 December 2023 , and are signed on behalf of the board by:
Mr G Harris
Director
Company registration number: 06744123
Think Commercial Property Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Maltings Place, 169 Tower Bridge Road, London, SE1 3JB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirement of the Companies Act 2006 as applicable to companies subject to the small companies regime.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis. The company's ability to continue to trade is dependent upon the support of the director Mr Graham Harris and London & City Group Holdings Ltd group of companies.
Revenue recognition
The turnover shown in the profit and loss account represents rents receivable and service charge income. Turnover is recognised on a straight line basis across the life of the lease.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023
2022
£
£
Trade debtors
58,609
121,734
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,143,478
7,068,880
------------
------------
7,202,087
7,190,614
------------
------------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
75,224
108,348
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,975,033
6,248,313
Corporation tax
148,652
148,652
Social security and other taxes
7,347
9,984
Other creditors
381,872
381,872
------------
------------
7,588,128
6,897,169
------------
------------
6. Summary audit opinion
The auditor's report dated 27 December 2023 was unqualified .
The senior statutory auditor was Gary Sargeant FCA , for and on behalf of Sargeant Partnership LLP .
7. Related party transactions
Capture Design & Build Limited is a related party by virtue of being T Ashby, a director of a subsidiary entity of London and City Group Holdings Limited. During the year invoices of £535,474 (2022 - £679,108) were raised by Capture Design & Build Limited and at the yearend a balance of £74,669 (2022 - £99,223) was due to Capture Design & Build Limited. The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
8. Controlling party
The company is under the control of London and City Group Holdings Limited, a company registered in England & Wales, the accounts of which are available from 1 Maltings Place, 169 Tower Bridge Road, SE1 3JB . The results of the company are included in the consolidated accounts of London & City Group Holdings Limited.