Company registration number:
08649866
COMMERCIAL PROPERTIES LIMITED
Unaudited filleted financial statements
31 August 2024
COMMERCIAL PROPERTIES LIMITED
Contents
Statement of financial position
Notes to the financial statements
COMMERCIAL PROPERTIES LIMITED
Statement of financial position
31 August 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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6 |
427,914 |
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428,675 |
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Investments |
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7 |
214,323 |
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211,797 |
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_______ |
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_______ |
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642,237 |
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640,472 |
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Current assets |
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Debtors |
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8 |
5,236 |
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10,322 |
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Investments |
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9 |
250,000 |
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250,000 |
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Cash at bank |
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165,403 |
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217,830 |
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_______ |
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_______ |
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420,639 |
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478,152 |
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Creditors: amounts falling due |
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within one year |
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10 |
(
223,213) |
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(
163,551) |
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_______ |
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_______ |
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Net current assets |
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197,426 |
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314,601 |
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_______ |
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_______ |
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Total assets less current liabilities |
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839,663 |
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955,073 |
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Provisions for liabilities |
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(
671) |
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(
636) |
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_______ |
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_______ |
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Net assets |
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838,992 |
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954,437 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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20 |
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20 |
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Profit and loss account |
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838,972 |
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954,417 |
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_______ |
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_______ |
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Shareholders funds |
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838,992 |
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954,437 |
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_______ |
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_______ |
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 May 2025
, and are signed on behalf of the board by:
Gary Scorah
Director
Company registration number:
08649866
COMMERCIAL PROPERTIES LIMITED
Notes to the financial statements
Year ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chancellors House, Brampton Lane, London, NW4 4AB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery |
- |
25 % |
reducing balance |
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Furniture, fixtures and fittings |
- |
40 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed and current asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.Debt instruments that are receivable or payable within one year, such as trade receivables andpayables are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be received or paid.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Tax on profit
Major components of tax expense
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2024 |
2023 |
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£ |
£ |
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Current tax: |
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UK current tax expense |
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14,200 |
14,995 |
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Deferred tax: |
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Origination and reversal of timing differences |
|
35 |
276 |
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_______ |
_______ |
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Tax on profit |
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14,235 |
15,271 |
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_______ |
_______ |
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6.
Tangible assets
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Freehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 September 2023 |
423,878 |
2,241 |
33,866 |
459,985 |
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Additions |
- |
1,207 |
- |
1,207 |
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_______ |
_______ |
_______ |
_______ |
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At 31 August 2024 |
423,878 |
3,448 |
33,866 |
461,192 |
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_______ |
_______ |
_______ |
_______ |
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Depreciation |
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At 1 September 2023 |
- |
560 |
30,750 |
31,310 |
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Charge for the year |
- |
722 |
1,246 |
1,968 |
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_______ |
_______ |
_______ |
_______ |
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At 31 August 2024 |
- |
1,282 |
31,996 |
33,278 |
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_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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At 31 August 2024 |
423,878 |
2,166 |
1,870 |
427,914 |
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_______ |
_______ |
_______ |
_______ |
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At 31 August 2023 |
423,878 |
1,681 |
3,116 |
428,675 |
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_______ |
_______ |
_______ |
_______ |
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In the opinion of the director, the value of the freehold property at 31 August 2024 is £423,878.
7.
Investments
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Other investments other than loans |
Total |
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£ |
£ |
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Cost |
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At 1 September 2023 |
211,797 |
211,797 |
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Additions |
2,526 |
2,526 |
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_______ |
_______ |
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At 31 August 2024 |
214,323 |
214,323 |
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_______ |
_______ |
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Impairment |
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At 1 September 2023 and 31 August 2024 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 August 2024 |
214,323 |
214,323 |
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_______ |
_______ |
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At 31 August 2023 |
211,797 |
211,797 |
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_______ |
_______ |
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The company has entered into a joint venture with Leonard Seitler Properties Limited for the purchase and development of an investment property. The investment in the joint venture is stated at cost less impairment. Income from the joint venture is recognised in the profit and loss account.
8.
Debtors
|
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2024 |
2023 |
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|
£ |
£ |
|
Other debtors |
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5,236 |
10,322 |
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_______ |
_______ |
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9.
Investments
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2024 |
2023 |
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£ |
£ |
|
Investment with MS Lending Group Limited |
|
250,000 |
250,000 |
|
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_______ |
_______ |
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The company has invested £250,000 with MS Lending Group Limited. The amount is repayable on demand at three months' notice and interest is receivable on a monthly basis at 8.5% per annum.
10.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
- |
264 |
|
Corporation tax |
|
14,085 |
14,995 |
|
Social security and other taxes |
|
34 |
4,665 |
|
Other creditors |
|
209,094 |
143,627 |
|
|
|
_______ |
_______ |
|
|
|
223,213 |
163,551 |
|
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|
_______ |
_______ |
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