COMPANY REGISTRATION NUMBER:
06744123
Think Commercial Property Limited |
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Filleted Financial Statements |
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Think Commercial Property Limited |
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Statement of Financial Position |
|
30 April 2023
Current assets
Debtors |
4 |
7,202,087 |
|
7,190,614 |
Cash at bank and in hand |
16,794 |
|
8,085 |
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------------ |
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------------ |
|
7,218,881 |
|
7,198,699 |
|
|
|
|
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Creditors: amounts falling due within one year |
5 |
7,588,128 |
|
6,897,169 |
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------------ |
|
------------ |
Net current (liabilities)/assets |
|
(
369,247) |
301,530 |
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|
--------- |
--------- |
Total assets less current liabilities |
|
(
369,247) |
301,530 |
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--------- |
--------- |
Net (liabilities)/assets |
|
(
369,247) |
301,530 |
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--------- |
--------- |
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|
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Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
(
369,249) |
301,528 |
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--------- |
--------- |
Shareholders (deficit)/funds |
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(
369,247) |
301,530 |
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--------- |
--------- |
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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:
Company registration number:
06744123
Think Commercial Property Limited |
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Notes to the Financial Statements |
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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 |
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7,202,087 |
7,190,614 |
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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 |
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7,588,128 |
6,897,169 |
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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.