4 01/09/2023 31/08/2024 2024-08-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-09-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 08649866 2023-09-01 2024-08-31 08649866 2024-08-31 08649866 2023-08-31 08649866 2022-09-01 2023-08-31 08649866 2023-08-31 08649866 2022-08-31 08649866 core:PlantMachinery 2023-09-01 2024-08-31 08649866 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 08649866 bus:Director1 2023-09-01 2024-08-31 08649866 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 08649866 core:PlantMachinery 2023-08-31 08649866 core:FurnitureFittingsToolsEquipment 2023-08-31 08649866 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 08649866 core:PlantMachinery 2024-08-31 08649866 core:FurnitureFittingsToolsEquipment 2024-08-31 08649866 core:WithinOneYear 2024-08-31 08649866 core:WithinOneYear 2023-08-31 08649866 core:UKTax 2023-09-01 2024-08-31 08649866 core:UKTax 2022-09-01 2023-08-31 08649866 core:ShareCapital 2024-08-31 08649866 core:ShareCapital 2023-08-31 08649866 core:RetainedEarningsAccumulatedLosses 2024-08-31 08649866 core:RetainedEarningsAccumulatedLosses 2023-08-31 08649866 core:CostValuation core:Non-currentFinancialInstruments 2023-08-31 08649866 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-08-31 08649866 core:CostValuation core:Non-currentFinancialInstruments 2024-08-31 08649866 core:Non-currentFinancialInstruments 2024-08-31 08649866 core:Non-currentFinancialInstruments 2023-08-31 08649866 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 08649866 core:PlantMachinery 2023-08-31 08649866 core:FurnitureFittingsToolsEquipment 2023-08-31 08649866 bus:SmallEntities 2023-09-01 2024-08-31 08649866 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 08649866 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 08649866 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08649866 bus:FullAccounts 2023-09-01 2024-08-31
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
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 427,914 428,675
Investments 7 214,323 211,797
_______ _______
642,237 640,472
Current assets
Debtors 8 5,236 10,322
Investments 9 250,000 250,000
Cash at bank 165,403 217,830
_______ _______
420,639 478,152
Creditors: amounts falling due
within one year 10 ( 223,213) ( 163,551)
_______ _______
Net current assets 197,426 314,601
_______ _______
Total assets less current liabilities 839,663 955,073
Provisions for liabilities ( 671) ( 636)
_______ _______
Net assets 838,992 954,437
_______ _______
Capital and reserves
Called up share capital 20 20
Profit and loss account 838,972 954,417
_______ _______
Shareholders funds 838,992 954,437
_______ _______
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:
Plant and machinery - 25 % reducing balance
Furniture, fixtures and fittings - 40 % reducing balance
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
2024 2023
£ £
Current tax:
UK current tax expense 14,200 14,995
Deferred tax:
Origination and reversal of timing differences 35 276
_______ _______
Tax on profit 14,235 15,271
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 September 2023 423,878 2,241 33,866 459,985
Additions - 1,207 - 1,207
_______ _______ _______ _______
At 31 August 2024 423,878 3,448 33,866 461,192
_______ _______ _______ _______
Depreciation
At 1 September 2023 - 560 30,750 31,310
Charge for the year - 722 1,246 1,968
_______ _______ _______ _______
At 31 August 2024 - 1,282 31,996 33,278
_______ _______ _______ _______
Carrying amount
At 31 August 2024 423,878 2,166 1,870 427,914
_______ _______ _______ _______
At 31 August 2023 423,878 1,681 3,116 428,675
_______ _______ _______ _______
In the opinion of the director, the value of the freehold property at 31 August 2024 is £423,878.
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 September 2023 211,797 211,797
Additions 2,526 2,526
_______ _______
At 31 August 2024 214,323 214,323
_______ _______
Impairment
At 1 September 2023 and 31 August 2024 - -
_______ _______
Carrying amount
At 31 August 2024 214,323 214,323
_______ _______
At 31 August 2023 211,797 211,797
_______ _______
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
2024 2023
£ £
Other debtors 5,236 10,322
_______ _______
9. Investments
2024 2023
£ £
Investment with MS Lending Group Limited 250,000 250,000
_______ _______
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
_______ _______