Company Registration No. 00499978 (England and Wales)
London Commercial Investments Limited
Unaudited accounts
for the year ended 31 March 2024
London Commercial Investments Limited
Unaudited accounts
Contents
London Commercial Investments Limited
Company Information
for the year ended 31 March 2024
Directors
M A O'Shea
S C O'Shea
Company Number
00499978 (England and Wales)
Registered Office
Nuffield House
Nuffield
Henley-On-Thames
RG9 5SY
Accountants
Evolve Accounting and Tax Solutions Ltd
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
London Commercial Investments Limited
Statement of financial position
as at 31 March 2024
Tangible assets
19,173
25,565
Investment property
5,100,000
5,100,000
Debtors
1,290,486
1,495,995
Cash at bank and in hand
74,171
299,779
Creditors: amounts falling due within one year
(395,958)
(842,046)
Net current assets
968,699
953,728
Total assets less current liabilities
6,087,872
6,079,293
Creditors: amounts falling due after more than one year
(1,070,505)
(1,118,505)
Provisions for liabilities
Deferred tax
(1,064,544)
(1,064,544)
Net assets
3,952,823
3,896,244
Called up share capital
10,000
10,000
Profit and loss account
3,940,157
3,883,578
Shareholders' funds
3,952,823
3,896,244
For the year ending 31 March 2024 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by
M A O'Shea
Director
Company Registration No. 00499978
London Commercial Investments Limited
Notes to the Accounts
for the year ended 31 March 2024
London Commercial Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 00499978. The registered office is Nuffield House, Nuffield, Henley-On-Thames, RG9 5SY.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
10% reducing balance
Fixtures & fittings
15% reducing balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
London Commercial Investments Limited
Notes to the Accounts
for the year ended 31 March 2024
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Tangible fixed assets
Fixtures & fittings
Fair value at 1 April 2023
5,100,000
At 31 March 2024
5,100,000
Amounts falling due within one year
Amounts due from group undertakings etc.
1,242,326
1,310,201
Other debtors
40,000
179,191
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Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
314,170
503,038
Taxes and social security
12,770
278,916
Other creditors
38,498
30,892
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Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,070,505
1,118,505
London Commercial Investments Limited
Notes to the Accounts
for the year ended 31 March 2024
9
Transactions with related parties
At the Balance Sheet date an amount of £314,170 was due to Commercial Holdings Limited (2023: £273,312 ) Commercial Holdings Limited owns 100% of the shares of the company. A dividend of £Nil was paid to Commercial Holdings Limited during the year (2023:£1,200,000)
At the Balance Sheet date an amount of £333,534 (2023: £348,534) was due from Dashwood Investments Limited, a fellow subsidiary of Commercial Holdings Limited.
At the Balance Sheet date an amount of £908,792 (2023: £961,667) was due from Classic Car Sales Limited, a fellow subsidiary of Commercial Holdings Limited.
All of the above loans are unsecured, interest free and repayable on demand, except for the loan to Dashwood Investments Limited which is repayable after more than one year.
Included in other debtors is the sum of £Nil due from the directors (2023: £139,191).
The ultimate parent company is Commercial Holdings Limited, a company registered in England and Wales. The ultimate controlling party is M O'Shea, a director and shareholder of Commercial Holdings Limited.
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Average number of employees
During the year the average number of employees was 3 (2023: 3).