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REGISTERED NUMBER: 10978120 (England and Wales)















Financial Statements

for the Year Ended 31 December 2023

for

One World Commercial Real Estate Ltd

One World Commercial Real Estate Ltd (Registered number: 10978120)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


One World Commercial Real Estate Ltd

Company Information
for the year ended 31 December 2023







DIRECTOR: Mr A S Bhakta





REGISTERED OFFICE: One World House
Pump Lane
Hayes
Middlesex
UB3 3NB





REGISTERED NUMBER: 10978120 (England and Wales)





AUDITORS: Shaw Wallace Limited
43 Manchester Street
London
W1U 7LP

One World Commercial Real Estate Ltd (Registered number: 10978120)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
FIXED ASSETS
Tangible assets 4 11,860,355 9,832,694

CURRENT ASSETS
Debtors 675,754 925,669
Cash at bank 85,293 1,036,521
761,047 1,962,190
CREDITORS
Amounts falling due within one year (1,887,892 ) (1,937,894 )
NET CURRENT (LIABILITIES)/ASSETS (1,126,845 ) 24,296
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,733,510

9,856,990

CREDITORS
Amounts falling due after more than one
year

5

(6,352,896

)

(5,587,358

)

PROVISIONS FOR LIABILITIES 8 (24,078 ) (45,673 )
NET ASSETS 4,356,536 4,223,959

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 4,355,536 4,222,959
SHAREHOLDERS' FUNDS 4,356,536 4,223,959

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





Mr A S Bhakta - Director


One World Commercial Real Estate Ltd (Registered number: 10978120)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

One World Commercial Real Estate Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Abridged financial statements have been prepared in accordance with the above standard which permits an abridged profit and loss and balance sheet to be prepared.

The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Judgements and key sources of of estimation uncertainty.
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods.

Critical judgements
In the director's view there are no significant judgements or estimates made.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

One World Commercial Real Estate Ltd (Registered number: 10978120)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Long leasehold - 1% on cost
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

At each balance sheet date, the company reviews the carrying amount of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
The director has considered that the company will continue to trade for at least a period of twelve months from the date of signing of the financial statements.

The accounts have been prepared on a going concern basis which assumes that the company will continue to receive adequate financial assistance from the director, bankers, creditors and other group companies.

If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts, to reclassify fixed assets as current assets and to provide for further liabilities which might arise.

One World Commercial Real Estate Ltd (Registered number: 10978120)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, include trade and other payables, are initially recognised at transaction prices, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If they are not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

One World Commercial Real Estate Ltd (Registered number: 10978120)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Totals
£
COST
At 1 January 2023 10,292,459
Additions 2,283,550
At 31 December 2023 12,576,009
DEPRECIATION
At 1 January 2023 459,765
Charge for year 255,889
At 31 December 2023 715,654
NET BOOK VALUE
At 31 December 2023 11,860,355
At 31 December 2022 9,832,694

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.12.23 31.12.22
£ £
Repayable by instalments
Bank loans more 5 yr 3,586,960 2,264,777

6. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£ £
Amounts falling due within one year or on demand:
Bank loans 324,971 201,328

Amounts falling due between one and two years:
Bank loans - 1-2 years 23,061 3,146,063

Amounts falling due between two and five years:
Bank loans - 2-5 years 2,742,875 176,518

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 3,586,960 2,264,777

One World Commercial Real Estate Ltd (Registered number: 10978120)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. SECURED DEBTS

Creditors include bank loans totalling £6,677,867 (2022:£5,788,686) which are secured by fixed and loating charges over the company's assets as outlined in the debentures and charges note.

8. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£ £
Deferred tax 24,078 45,673

Deferred tax
£
Balance at 1 January 2023 45,673
Provided during year (10,339 )
Credit to Income Statement during year (11,256 )
Balance at 31 December 2023 24,078

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
1,000,000 Ordinary shares £0.001 1,000 1,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hitesh Gadhia (Senior Statutory Auditor)
for and on behalf of Shaw Wallace Limited

11. RELATED PARTY DISCLOSURES

During the year the company received rental and other income totalling £260,661 (2022: £192,846) from fellow subidiaries under common control. At the year end amounts payable to fellow subisdiaries under common control totalled nil (2022: £12,000).

During the year the company made sales to companies under common control of £60,000 (2022: nil). At the year end amounts payable to companies under common control totalled £538,000 (2022: nil)

Creditors falling due within one year include amounts owing to the director of £582,967 (2022: £772,024).

One World Commercial Real Estate Ltd (Registered number: 10978120)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


12. ULTIMATE CONTROLLING PARTY

One World Holdings Limited (incorporated in England) is regarded by the directors as being the company's ultimate controlling parent company.

The consolidated financial statements of One World Holdings Limited can be obtained from:

One World House
Pump Lane
Hayes
Middlesex
UB3 3NB

13. DEBENTURES AND CHARGES

Yorkshire Building Society have charges dated 20/03/23 over the properties at 5 David Road, Colnbrook, SL3 0DB.

Yorkshire Building Society have charges dated 01/03/22 and 03/05/22 over the properties at 9 David Road, Colnbrook, SL3 0DB, and 1A-1B Carlton Road, Coventry, CV6 7FL.

Lloyds Bank PLC have a fixed and floating charge dated 06/07/2018 over all the property and undertaking of the company and

Lloyds Bank PLC have a fixed and floating charge dated 06/07/2018 over Unit 4 Amberley Way, Hounslow, Middlesex,TW4 6BH, One World house, Pump Lane, Hayes, UB3 3NB , Phase 1, Plot D, Woodgate Business Park, Clapgate Lane, Bartley Green, Birmingham, goodwill and intellectual property rights of the Company.