Commercial FS Limited iXBRL

Company Registration Number: NI629965

Commercial FS Limited

Unaudited Financial Statements

for the financial year ended 31 May 2025

Commercial FS Limited

DIRECTOR AND OTHER INFORMATION


Director	Christopher Stewart


Company Registration Number	NI629965


Registered Office and Business Address	11 Governors Gate
	Hillsborough
	Co Down
	BT26 6FE


Accountants	Quarter
	Chartered Accountants
	St Anne's House
	15 Church Street
	Cathedral Quarter
	Belfast
	BT1 1PG


Bankers	Bank of Ireland
	University Road
	Belfast
	BT7 1NH

Commercial FS Limited

CHARTERED ACCOUNTANTS REPORT

to the Director on the Compilation of the unaudited financial statements of Commercial FS Limited

for the financial year ended 31 May 2025

In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 May 2025 as set out on pages to which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the director of Commercial FS Limited, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position for the year ended 31 May 2025 your duty to ensure that Commercial FS 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 loss of Commercial FS Limited. You consider that Commercial FS Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Commercial FS Limited. For this reason, we have not verified the adequacy, 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.

__________________________________

QUARTER

Chartered Accountants

St Anne's House

15 Church Street

Cathedral Quarter

Belfast

BT1 1PG

1 April 2026

Commercial FS Limited

Company Registration Number: NI629965

STATEMENT OF FINANCIAL POSITION

as at 31 May 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Property, plant and equipment	5	-	1,828
		─────────	─────────

Current Assets

Inventories

48,255

101,725

Receivables

345,256

508,297

Cash and cash equivalents

130

130

─────────

393,641

610,152

─────────

Payables: amounts falling due within one year

(297,927)

(502,194)

─────────

Net Current Assets

95,714

107,958

─────────

Total Assets less Current Liabilities

95,714

109,786

Payables:

amounts falling due after more than one year

(18,525)

(22,803)

Provisions for liabilities

784

(283)

─────────

Net Assets

77,973

86,700

═════════

Equity

Called up share capital

100

100

Retained earnings

77,873

86,600

─────────

Equity attributable to owners of the company

77,973

86,700

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Director and authorised for issue on 1 April 2026




________________________________
Christopher Stewart
Director

Commercial FS Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 May 2025

General Information

Commercial FS Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI629965. The registered office of the company is 11 Governors Gate, Hillsborough, Co Down, BT26 6FE which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 May 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Revenue

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Intangible assets

Licences

Licences are valued at cost less accumulated amortisation.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Short leasehold property

20% Straight line

Fixtures, fittings and equipment

25% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Work in progress

Work in progress is reflected in the accounts at the expected revenue due for work carried out during the period that has not yet been invoiced.

Trade and other receivables

Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other payables

Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Ordinary share capital

The ordinary share capital of the company is presented as equity.


3.	Employees

	The average monthly number of employees, including director, during the financial year was 3, (2024 - 3).

		2025	2024
		Number	Number

	Director	1	1
	Employee	2	2
		─────────	─────────
		3	3
		═════════	═════════


4.	Intangible assets

		Licences	Total
		£	£
	Cost
	At 1 June 2024	25,000	25,000
		─────────	─────────

	At 31 May 2025	25,000	25,000
		─────────	─────────
	Amortisation

	At 31 May 2025	25,000	25,000
		─────────	─────────
	Carrying amount
	At 31 May 2025	-	-
		═════════	═════════


5.	Property, plant and equipment
		Short	Fixtures,	Total
		leasehold	fittings and
		property	equipment
		£	£	£
	Cost
	At 1 June 2024	4,000	16,547	20,547
		─────────	─────────	─────────

	At 31 May 2025	4,000	16,547	20,547
		─────────	─────────	─────────
	Depreciation
	At 1 June 2024	4,000	14,719	18,719
	Charge for the financial year	-	1,828	1,828
		─────────	─────────	─────────
	At 31 May 2025	4,000	16,547	20,547
		─────────	─────────	─────────
	Carrying amount
	At 31 May 2025	-	-	-
		═════════	═════════	═════════
	At 31 May 2024	-	1,828	1,828
		═════════	═════════	═════════


6.	Inventories	2025	2024
		£	£

	Work in progress	48,255	101,725
		═════════	═════════


7.	Receivables	2025	2024
		£	£

	Trade receivables	-	2,500
	Amounts owed by connected parties (Note 13)	345,256	505,797
		─────────	─────────
		345,256	508,297
		═════════	═════════


8.	Payables	2025	2024
	Amounts falling due within one year	£	£

	Bank overdrafts	29,932	29,744
	Bank loan	4,387	4,173
	Other loan	41,247	41,247
	Trade payables	17,659	22,225
	Amounts owed to connected parties (Note 13)	48,943	216,785
	Taxation (Note 10)	151,495	104,258
	Director's current account	864	39,510
	Other creditors	400	41,252
	Accruals	3,000	3,000
		─────────	─────────
		297,927	502,194
		═════════	═════════


9.	Payables	2025	2024
	Amounts falling due after more than one year	£	£

	Bank loan	18,525	22,803
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 8)	75,566	75,164
	Repayable between one and two years	4,387	4,280
	Repayable between two and five years	14,138	18,523
		─────────	─────────
		94,091	97,967
		═════════	═════════


10.	Taxation	2025	2024
		£	£

	Payables:
	Corporation tax	49,358	46,844
	PAYE / NI	102,137	57,414
		─────────	─────────
		151,495	104,258
		═════════	═════════

11.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Losses

Total

Total

allowances

2025

2024

At financial year start

457

(174)

283

(2,233)

Charged to profit and loss

(457)

(610)

(1,067)

2,516

─────────

At financial year end

(784)

283

═════════

12.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 May 2025.

13.

Related party transactions

Balance

Movement

Balance

Maximum

2025

in year

2024

in year

MLIL Holdings Limited

(3,600)

3,600

3,600

Stewart Ventures Limited

(156,941)

156,941

156,941

Mortgage First NI Limited

345,256

345,256

345,256

─────────

═════════

345,256

(160,541)

505,797

═════════

The following amounts are due to other connected parties:

2025

2024

Mortgage First Limited

48,943

216,785

═════════

Net balances with other connected parties:

2025

2024

Mortgage First Limited

(48,943)

(216,785)

MLIL Holdings Limited

3,600

Stewart Ventures Limited

156,941

Mortgage First NI Limited

345,256

345,256

─────────

296,313

289,012

═════════

Mortgage First NI Ltd

Mr Chris Stewart is a director in both Commercial FS Ltd and in Mortgage First NI Ltd. On 01 June 2024 Commercial FS Ltd was owed £345,256 from Mortgage First NI Ltd. During the financial year there were net transactions totalling nil and thus on 31 May 2025 Commercial FS Ltd was owed £345,256 from Mortgage First NI Ltd.

Stewart Ventures Ltd

Mr Chris Stewart is a director in both Commercial FS Limited and Stewart Ventures Limited. On 01 June 2024 Commercial FS Ltd was owed £156,941 from Stewart Ventures Ltd. During the financial year there were net transactions totalling £156,941 and thus on 31 May 2025 Commercial FS Ltd was owed £nil from Stewart Ventures Ltd.

MLIL Holdings Limited

As on 01 June 2024 Commercial FS Ltd was owed £3,600 by MLIL Holdings Limited. During the financial year there was net transactions totalling £3,600. As on 31 May 2025 MLIL Holdings Limited owed £nil to Commercial FS Limited.

Mortgage First Limited

Mr Chris Stewart is a director in both Commercial FS Limited and Mortgage First Limited. As on 01 June 2024 Commercial FS Ltd owed £216,785 to Mortgage First Ltd. During the financial year there were net transactions totalling £167,842 and thus on 31 May 2025 Commercial FS Ltd owed £48,943 to Mortgage First Ltd.

14.

Events After the End of the Reporting Period

There have been no significant events affecting the company since the financial year-end.