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REGISTERED NUMBER: 08055203 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Holmes Commercial Property Limited

Holmes Commercial Property Limited (Registered number: 08055203)

Contents of the Financial Statements
for the year ended 31 May 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Holmes Commercial Property Limited

Company Information
for the year ended 31 May 2024







DIRECTOR: Mr A R Holmes OBE



REGISTERED OFFICE: Bank Green House
Fox Lane
Millthorpe
Nr.Sheffield
Derbyshire
S18 7WG



BUSINESS ADDRESS: Bank Green House
Fox Lane
Millthorpe
Nr. Sheffield
Derbyshire
S18 7WG



REGISTERED NUMBER: 08055203 (England and Wales)



ACCOUNTANTS: Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Handelsbanken
St Paul's Place
129 Norfolk Street
Sheffield
South Yorkshire
S1 2JE



SOLICITORS: Knights plc
1 St Paul's Place
Sheffield
South Yorkshire
S1 2NB

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Holmes Commercial Property Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Director's Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Holmes Commercial Property Limited for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Holmes Commercial Property Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Holmes Commercial Property Limited and state those matters that we have agreed to state to the director of Holmes Commercial Property Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holmes Commercial Property Limited and its director for our work or for this report.

It is your duty to ensure that Holmes Commercial Property 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 Holmes Commercial Property Limited. You consider that Holmes Commercial Property 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 Holmes Commercial Property 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.






Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR


18 February 2025

Holmes Commercial Property Limited (Registered number: 08055203)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 528
Tangible assets 5 38,099 46,928
Investments 6 1 64,465
Investment property 7 3,179,016 1,450,000
3,217,116 1,561,921

CURRENT ASSETS
Stocks 6,738 15,879
Debtors 8 2,167,214 2,591,666
Cash at bank 22,197 15,796
2,196,149 2,623,341
CREDITORS
Amounts falling due within one year 9 (178,423 ) (141,102 )
NET CURRENT ASSETS 2,017,726 2,482,239
TOTAL ASSETS LESS CURRENT LIABILITIES 5,234,842 4,044,160

CREDITORS
Amounts falling due after more than one
year

10

(4,833,968

)

(3,678,997

)

PROVISIONS FOR LIABILITIES (80,775 ) (27,950 )
NET ASSETS 320,099 337,213

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 320,098 337,212
320,099 337,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Holmes Commercial Property Limited (Registered number: 08055203)

Balance Sheet - continued
31 May 2024


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

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 18 February 2025 and were signed by:





Mr A R Holmes OBE - Director


Holmes Commercial Property Limited (Registered number: 08055203)

Notes to the Financial Statements
for the year ended 31 May 2024


1. STATUTORY INFORMATION

Holmes Commercial Property Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Holmes Commercial Property Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales / value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Rental income from investment property leased out under operating leases is recognised in the Income Statement on a straight-line basis over the term of the lease. Incentives to enter into rental agreements are spread evenly over the rental term, even if the payments are not made on such a basis.

Where the company is constructing real estate, enters into an agreement with a buyer before construction is complete, and is required to provide services together with construction materials in order to perform its obligation to deliver real estate to the buyer, the agreement is accounted for as the sale of goods. The transfer of significant risk and rewards of ownership occurs only on delivery of the completed real estate to the buyer. Consequently the revenue on such contracts is recognised on completion.

Intangible assets
Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:

Intangible assets other than goodwill are written off over 10 years.

Holmes Commercial Property Limited (Registered number: 08055203)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is carried at fair value, derived from the current market prices for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 asset of the company after deducting all of its liabilities.

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.


Holmes Commercial Property Limited (Registered number: 08055203)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Borrowings
Financing transactions are initially recorded at the present value of the future payments discounted at a market rate of interest, adjusted for transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

The company has utilised the exception in FRS102 paragraph 11.13A in respect of loans from director-shareholders or close members of their family. Such loans are therefore initially measured at transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 10,561
AMORTISATION
At 1 June 2023 10,033
Charge for year 528
At 31 May 2024 10,561
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 528

Holmes Commercial Property Limited (Registered number: 08055203)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 1,772 73,406 7,325 82,503
Additions - - 754 754
Disposals - - (712 ) (712 )
At 31 May 2024 1,772 73,406 7,367 82,545
DEPRECIATION
At 1 June 2023 818 28,123 6,634 35,575
Charge for year 143 8,740 700 9,583
Eliminated on disposal - - (712 ) (712 )
At 31 May 2024 961 36,863 6,622 44,446
NET BOOK VALUE
At 31 May 2024 811 36,543 745 38,099
At 31 May 2023 954 45,283 691 46,928

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 June 2023 1 64,464 64,465
Disposals - (64,464 ) (64,464 )
At 31 May 2024 1 - 1
NET BOOK VALUE
At 31 May 2024 1 - 1
At 31 May 2023 1 64,464 64,465

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 1,450,000
Additions 1,604,016
Revaluations 125,000
At 31 May 2024 3,179,016
NET BOOK VALUE
At 31 May 2024 3,179,016
At 31 May 2023 1,450,000

The investment properties were valued at 31 May 2024 by the director on an open market basis.

Holmes Commercial Property Limited (Registered number: 08055203)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 535 7,961
Amounts owed by group undertakings 2,076,658 2,528,306
Other debtors 90,021 55,399
2,167,214 2,591,666

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 170,170 50,681
Taxation and social security 91 8,929
Other creditors 8,162 81,492
178,423 141,102

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 4,833,968 3,678,997

11. RELATED PARTY DISCLOSURES

Mr A R Holmes OBE has advanced loans to the company to help finance the group's rental business. The loans are repayable in more than 12 months. Interest of £nil was charged to the company on these loans (2023 - £39,174).

At the balance sheet date the amount due to Mr A R Holmes OBE was £4,833,968 (2023 -
£3,678,997), which is included within creditors falling due after more than one year.