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2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
425,000
425,000
425,000
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2022-11-01
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9264224
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2022-10-31
COMPANY REGISTRATION NUMBER:
9264224
Commercial Property Ventures Limited |
|
Filleted Unaudited Financial Statements |
|
Commercial Property Ventures Limited |
|
Year ended 31 October 2023
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 7 |
|
|
Commercial Property Ventures Limited |
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Commercial Property Ventures Limited |
|
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Commercial Property Ventures Limited for the year ended 31 October 2023, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Commercial Property Ventures Limited, as a body, in accordance with the terms of our engagement letter dated 10 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Commercial Property Ventures Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Commercial Property Ventures Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Commercial Property Ventures 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 profit of Commercial Property Ventures Limited. You consider that Commercial Property Ventures 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 Commercial Property Ventures 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.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
27 July 2024
Commercial Property Ventures Limited |
|
Statement of Financial Position |
|
31 October 2023
Fixed assets
Tangible assets |
4 |
425,000 |
425,000 |
|
|
|
|
Current assets
Debtors |
5 |
990 |
1,029 |
Cash at bank and in hand |
1,375 |
2,374 |
|
------- |
------- |
|
2,365 |
3,403 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
128,085) |
(
161,860) |
|
--------- |
--------- |
Net current liabilities |
(
125,720) |
(
158,457) |
|
--------- |
--------- |
Total assets less current liabilities |
299,280 |
266,543 |
|
|
|
|
Provisions
Taxation including deferred tax |
(
24,269) |
(
23,519) |
|
--------- |
--------- |
Net assets |
275,011 |
243,024 |
|
--------- |
--------- |
|
|
|
Commercial Property Ventures Limited |
|
Statement of Financial Position (continued) |
|
31 October 2023
Capital and reserves
Called up share capital |
400 |
400 |
Profit and loss account |
274,611 |
242,624 |
|
--------- |
--------- |
Shareholders funds |
275,011 |
243,024 |
|
--------- |
--------- |
|
|
|
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.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act 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 July 2024
, and are signed on behalf of the board by:
Mr B Sabzevari |
Mr T Sotirios |
Director |
Director |
|
|
Company registration number:
9264224
Commercial Property Ventures Limited |
|
Notes to the Financial Statements |
|
Year ended 31 October 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 61a Sheffield Road, Dronfield, Sheffield, S18 6GF.
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'.
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.
Revenue recognition
Turnover in the accounts represents rental income received, accounted for on a receivable basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Tangible assets
|
Freehold investment property |
|
£ |
Cost |
|
At 1 November 2022 and 31 October 2023 |
425,000 |
|
--------- |
Depreciation |
|
At 1 November 2022 and 31 October 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 October 2023 |
425,000 |
|
--------- |
At 31 October 2022 |
425,000 |
|
--------- |
|
|
The value of the property in the ownership of the company has been re-assessed by the directors, to fair value, at the period end, in the sum of £425,000.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
990 |
1,029 |
|
---- |
------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Corporation tax |
8,568 |
7,624 |
Participators loan accounts |
55,503 |
71,902 |
Inter-company loan accounts |
26,500
|
26,500
|
Other creditors |
37,514 |
55,834 |
|
--------- |
--------- |
|
128,085 |
161,860 |
|
--------- |
--------- |
|
|
|
7.
Directors' advances, credits and guarantees
Included in other creditors are directors loan accounts in relation to
Mr B Sabzevari
and Mr T Sotirios
. At the start of the year, on 1 November 2022, the company was indebted, in this regard, to Mr B Sabzevari
, in the sum of £39,202. As a result of withdrawals during the period of £8,200, there is a closing loan balance, as at 31 October 2023, owing to Mr Sabzevari, of £31,002. The loan is interest free with no formal terms for repayment. At the start of the year, on 1 November 2022, the company was indebted, in this regard, to Mr T Sotirios, in the sum of £12,702. As a result of withdrawals during the period of £8,200, there is a closing loan balance, as at 31 October 2023, owing to Mr Sotirios, of £4,502. The loan is interest free with no formal terms for repayment.
8.
Related party transactions
The company was not under the control of any individual or other entity during the year. Included in other creditors is a loan account in relation to a participator in the company, namely Mr G Salamousas. At the start of the year, on 1 November 2022, the company was indebted to Mr Salamousas, in this regard, in the sum of £32,702. As a result of withdrawals during the year, of £8,200, there is a closing balance, as at 31 October 2023, owing to Mr Salamousas, of £24,502. The loan is interest free with no formal terms for repayment. Included in other creditors is a loan account in relation to a participator in the company, namely Mr M Sabzevari. At the start of the year, on 1 November 2022, the company was indebted to Mr Sabzevari, in this regard, in the sum of £39,202. As a result of withdrawals during the year, of £8,200, there is a closing balance, as at 31 October 2023, owing to Mr Sabzevari, of £31,002. The loan is interest free with no formal terms for repayment. Included in other creditors is a loan account in relation to a related party company, Ventrico Limited. At the start of the year, on 1 November 2022, the company was indebted to Ventrico Limited, in this regard, in the sum of £26,500. There were no movements during the year, resulting in a closing balance , as at 31 October 2023, owing to Ventrico Limited, of £26,500. The loan is interest free with no formal terms for repayment.
9.
Reserves
Within total reserves is an element arising from the revaluation of the company property, net of the deferred tax liability relating to this upward revaluation over cost.
As a result of recent legislative tax changes, the quantum of deferred tax provision has been amended to reflect the change, this giving rise to an additional deferred tax provision in the year of £750.
In effect, within total reserves, £49,199 (2022: £49,949) relates to this net revaluation element.