Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01false22truetruefalse 09163806 2023-01-01 2023-12-31 09163806 2022-01-01 2022-12-31 09163806 2023-12-31 09163806 2022-12-31 09163806 c:CompanySecretary1 2023-01-01 2023-12-31 09163806 c:Director1 2023-01-01 2023-12-31 09163806 c:Director1 2023-12-31 09163806 c:Director2 2023-01-01 2023-12-31 09163806 c:Director3 2023-01-01 2023-12-31 09163806 c:Director3 2023-12-31 09163806 c:RegisteredOffice 2023-01-01 2023-12-31 09163806 d:Buildings 2023-01-01 2023-12-31 09163806 d:Buildings 2023-12-31 09163806 d:Buildings 2022-12-31 09163806 d:FreeholdInvestmentProperty 2023-12-31 09163806 d:FreeholdInvestmentProperty 2022-12-31 09163806 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 09163806 d:CurrentFinancialInstruments 2023-12-31 09163806 d:CurrentFinancialInstruments 2022-12-31 09163806 d:Non-currentFinancialInstruments 2023-12-31 09163806 d:Non-currentFinancialInstruments 2022-12-31 09163806 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09163806 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09163806 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09163806 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09163806 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 09163806 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 09163806 d:ShareCapital 2023-12-31 09163806 d:ShareCapital 2022-12-31 09163806 d:RevaluationReserve 2023-01-01 2023-12-31 09163806 d:RevaluationReserve 2023-12-31 09163806 d:RevaluationReserve 2022-12-31 09163806 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09163806 d:RetainedEarningsAccumulatedLosses 2023-12-31 09163806 d:RetainedEarningsAccumulatedLosses 2022-12-31 09163806 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09163806 c:OrdinaryShareClass1 2023-12-31 09163806 c:OrdinaryShareClass1 2022-12-31 09163806 c:FRS102 2023-01-01 2023-12-31 09163806 c:Audited 2023-01-01 2023-12-31 09163806 c:FullAccounts 2023-01-01 2023-12-31 09163806 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09163806 d:WithinOneYear 2023-12-31 09163806 d:WithinOneYear 2022-12-31 09163806 d:BetweenOneFiveYears 2023-12-31 09163806 d:BetweenOneFiveYears 2022-12-31 09163806 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09163806 5 2023-01-01 2023-12-31 09163806 6 2023-01-01 2023-12-31 09163806 d:Buildings d:LeasedAssetsHeldAsLessee 2023-12-31 09163806 d:Buildings d:LeasedAssetsHeldAsLessee 2022-12-31 09163806 d:LeasedAssetsHeldAsLessee 2023-12-31 09163806 d:LeasedAssetsHeldAsLessee 2022-12-31 09163806 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 09163806







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


BEST COMMERCIAL HOLDINGS LTD






































img0c21.png                        

 


BEST COMMERCIAL HOLDINGS LTD
 


 
COMPANY INFORMATION


Directors
A. W. Best (resigned 28 March 2024)
W. Hanif 
E. J. Best (appointed 28 March 2024)




Company secretary
I. M. Farr



Registered number
09163806



Registered office
Lynton House
7-12,Tavistock Square

London

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

KT22 8DY





 


BEST COMMERCIAL HOLDINGS LTD
 



CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Financial Position
7 - 8
Notes to the Financial Statements
9 - 15


 


BEST COMMERCIAL HOLDINGS LTD
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company during the year was that of a mobile park owners and operators.

Directors

The Directors who served during the year were:

A. W. Best (resigned 28 March 2024)
W. Hanif 

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 1

 


BEST COMMERCIAL HOLDINGS LTD
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
E. J. Best
Director
................................................
W. Hanif
Director


Date: 4 September 2024
Date: 4 September 2024

Page 2

 


BEST COMMERCIAL HOLDINGS LTD
 

img7cb9.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEST COMMERCIAL HOLDINGS LTD

Opinion


We have audited the financial statements of Best Commercial Holdings Ltd (the 'Company') for the year ended 31 December 2023, which comprise  the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 


BEST COMMERCIAL HOLDINGS LTD


img0395.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEST COMMERCIAL HOLDINGS LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 


BEST COMMERCIAL HOLDINGS LTD


img1706.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEST COMMERCIAL HOLDINGS LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements, including financial reporting legislation. We determined that the following laws and regulations were the most significant:

The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
General Data Protection Regulations;
UK tax legislation; and
The Mobile Homes Act 1983.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the Company's financial position;
Posting of unusual journals and complex transactions; and
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.


Page 5

 


BEST COMMERCIAL HOLDINGS LTD


img0ed4.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEST COMMERCIAL HOLDINGS LTD (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
KT22 8DY

4 September 2024
Page 6

 


BEST COMMERCIAL HOLDINGS LTD
REGISTERED NUMBER:09163806



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
47,478,326
50,805,170

Investments
 5 
10,797
10,797

Investment property
 6 
1,666,738
1,396,893

  
49,155,861
52,212,860

Current assets
  

Stocks
  
593,699
530,606

Debtors: amounts falling due within one year
 7 
616,214
648,066

  
1,209,913
1,178,672

Creditors: amounts falling due within one year
 8 
(20,627,057)
(19,308,091)

Net current liabilities
  
 
 
(19,417,144)
 
 
(18,129,419)

Total assets less current liabilities
  
29,738,717
34,083,441

Creditors: amounts falling due after more than one year
 9 
(13,630,844)
(15,064,969)

Provisions for liabilities
  

Deferred tax
  
(3,302,337)
(3,864,567)

  
 
 
(3,302,337)
 
 
(3,864,567)

Net assets
  
12,805,536
15,153,905


Capital and reserves
  

Called up share capital 
 11 
1
1

Revaluation reserve
 12 
7,220,186
11,157,822

Profit and loss account
 12 
5,585,349
3,996,082

  
12,805,536
15,153,905


Page 7

 


BEST COMMERCIAL HOLDINGS LTD
REGISTERED NUMBER:09163806


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
E. J. Best
................................................
W. Hanif
Director
Director


Date: 4 September 2024
Date:4 September 2024

The notes on pages 9 to 15 form part of these financial statements.
Page 8

 


BEST COMMERCIAL HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Best Commercial Holdings Ltd is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of its registered office and trading address is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Exemption from preparing consolidated financial statements

The company, and the group it heads, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Revenue represents amounts receivable from pitch fees, licence fees, interest on loans, rent received from properties, sales of mobile homes, commissions and utilities recharged net of VAT.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 9

 


BEST COMMERCIAL HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Freehold land
-
Nil

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 10

 


BEST COMMERCIAL HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers and the directors.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 11

 


BEST COMMERCIAL HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Land and buildings

£



Valuation


At 1 January 2023
50,805,170


Additions
1,181,139


Revaluations
(4,507,983)



At 31 December 2023

47,478,326






Net book value



At 31 December 2023
47,478,326



At 31 December 2022
50,805,170

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows::


2023
2022
£
£



Cost
36,344,317
35,163,179

Net book value
36,344,317
35,163,179

The 2023 valuations were made by the directors, on an open market value for existing use basis..


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
10,797



At 31 December 2023
10,797




Page 12

 


BEST COMMERCIAL HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,396,893


Surplus on revaluation
269,845



At 31 December 2023
1,666,738

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
815,723
815,723


7.


Debtors

2023
2022
£
£


Trade debtors
439,854
300,728

Other debtors
21,036
163,864

Prepayments and accrued income
155,324
183,474

616,214
648,066


Page 13

 


BEST COMMERCIAL HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank overdrafts
2,332
18,577

Bank loans
2,034,125
977,281

Trade creditors
376,694
302,595

Corporation tax
869,862
340,059

Other creditors
16,779,638
17,298,186

Accruals and deferred income
564,406
371,393

20,627,057
19,308,091


Secured loans
A fixed charge is held over the freehold properties owned by the Company in respect of loans.


9.


Creditors: Amounts falling due after more than one year

As restated
2023
2022
£
£

Bank loans
13,630,844
15,064,969

13,630,844
15,064,969


Secured loans
A fixed charge is held over the freehold properties owned by the Company in respect of loans.


10.


Loans


Analysis of the maturity of loans is given below:


As restated
2023
2022
£
£

Amounts falling due within one year

Bank loans
2,034,125
977,281


Amounts falling due 2-5 years

Bank loans
13,630,844
15,064,969


15,664,969
16,042,250


Page 14

 


BEST COMMERCIAL HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary shares share of £1
1
1



12.


Reserves

Revaluation reserve

This reserve records unrealised gains net of any subsequent losses on the revaluation of fixed assets. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the profit and loss.

Profit and loss account

This reserve records retained earnings and accumulated losses.


13.


Prior period adjustment

During the preparation of the current year's financial statements, it was identified that there was an error in the disclosure of the loan split held in the prior year. The impact of this error has resulted in an increase to the loans due in 2-5 years of and a reduction in loans greater than 5 years of £9,930,375, but has had no overall impact on the loan value. There is no profit or tax impact as a result of this adjustment.


14.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
8,418
8,418

Later than 1 year and not later than 5 years
7,200
18,123

15,618
26,541


15.


Related party transactions

Included in other creditors above is £11,327,245 (2022: £11,806,041) owed to companies under common control.  Within trade creditors is an amount due to related parties of £226,789 (2022: £168,164).

 
Page 15