REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
One World Commercial Real Estate Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Provided during year | ( |
) |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
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. |
for and on behalf of |
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. |